BP, Statoil, Total Enter TANAP

BP, Statoil and Total have agreed to acquire a combined 29 percent in the Trans-Anatolian natural gas pipeline project (TANAP).

Rovnag Abdullayev, head of SOCAR, said that BP and Statoil each would each hold a 12 percent stake, while Total would hold a five percent interest.  The holdings would come from SOCAR's 80 percent interest in the pipeline project to move Caspian gas to Europe.

Turkey's state-controlled Boru Hatlari Ile Petrol Tasima AS and Turkiye Petrolleri AO hold the remaining 20 percent stake in TANAP.

Earlier this week, Azerbaijan's $33 billion state oil fund said it would assist in financing TANAP, which has a preliminary total cost estimated at $20 billion.