Statoil Trims Stake In $28B Caspian Gas Project For $1.4B

Law360, New York (December 17, 2013, 4:24 PM EST) -- A BP PLC-led consortium that includes Azerbaijan state-owned energy company SOCAR on Tuesday made its final investment decision for a $28 billion natural gas project in the Caspian Sea, with partner Statoil ASA selling a portion of its stake to BP and SOCAR for $1.45 billion.

The decision on the second phase of the Shah Deniz project also triggers plans to create a southern pipeline corridor to Europe, by expanding the South Caucasus Pipeline through Azerbaijan and Georgia, building the Trans-Anatolian Pipeline across Turkey and building...
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