TAP Pipeline Will Land €1.5B If Picked As Supply Route

Law360, New York (August 9, 2012, 1:35 PM EDT) -- BP PLC, Statoil ASA, Total SA and Azerbaijan’s national oil company, SOCAR, will fully fund the €1.5 billion ($1.84 billion) Trans-Adriatic Pipeline if they decide early next year that it is the best way to ship gas from their Caspian Sea field to Europe, the group said Thursday.

The funding commitment puts the 500-mile pipeline, known as TAP, on more equal footing with its rival, the 820-mile Nabucco West pipeline, which has full financing commitments from the six utilities that own it. Both are vying to...
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