BP, Statoil, Total Invited To Buy Into $8B Azerbaijan Pipe

Law360, New York (November 7, 2012, 7:50 PM EST) -- The president of Azerbaijan’s national oil company Wednesday extended an offer to majors BP PLC, Statoil ASA and Total SA to purchase nearly a third of the interest in the $8 billion Trans-Anatolian Pipeline, one day after the project landed financing from another state entity.

The State Oil Co. of Azerbaijan Republic, better known by its acronym, SOCAR, invited BP and Statoil to take 12 percent stakes each in the TANAP project, BP confirmed. SOCAR also has offered a 5 percent share to Total.

Several major...
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