Financial agreements on TAP to be signed today

The financial agreement on the trans-Adriatic gas pipeline (TAP) will be signed today as a part of the ceremony to authorize the Shah-Deniz-2 project.

A source from SOCAR told Turan that in August 2012 three Shah-Deniz partners (SOCAR, BP and Total) signed the initial financial agreement with the TAP shareholders that if the consortium chooses the pipeline as the route to deliver Azerbaijani gas to Europe, then in the future they will have to assign 50% of their shares in the pipeline to the Shah-Deniz shareholders. On June 28, 2013 the consortium made a choice in favor of TAP. Soon TAP made a juridical decision to assign 50% shares to the Shah-Deniz shareholders.

By signing the financial agreement SOCAR, BP and Total will commit themselves to fund their shares in TAP. The companies own 20%, 20% and 10% shares, respectively, in the TAP project.—0—

 

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