Baku-Tbilisi-Ceyhan Receives a Formal Go-Ahead
(Tbilisi, Civil Georgia, August 3, 2002) – On August 1 in London, the Baku-Tbilisi-Ceyhan oil pipeline owners signed the documents, which formally create “The Baku-Tbilisi-Ceyhan Pipeline Company” (“BTC Co”), the British Petroleum website reports.
By forming an operating company BTC gets a formal go-ahead. Representatives from each of the BTC Host Governments of the Azerbaijan, Georgia, and the Turkey attended the document signing process.
“This is an important step forward in the realisation of the pipeline which will export crude oil 1,760 kilometers from Azerbaijan and the Caspian region, through Georgia, to Ceyhan on the Turkish Mediterranean coast,” the BP reports.
The BTC Co Shareholders are currently: BP (38.21%); SOCAR (25.00%); Statoil (9.58%); Unocal (8.90%); TPAO (7.55%); Eni (5%); Itochu (3.40%); and Amerada Hess (2.36%). In addition, TotalFinaElf has acquired the right to purchase a 5% interest in BTC Co; this transaction will be finalized soon.
The President of the State Oil Company of the Azerbaijan Republic (“SOCAR”) is chairman of the BTC Co Board of Directors and BP is the operator of the project.
