Shah Deniz Gas Project Investors Would Get 50% of Nabucco if Pipeline Chosen
10 January 2013 - 9:45PM
Dow Jones News
By Alessandro Torello
BRUSSELS--The companies leading the development of a giant
natural gas field in Azerbaijan have agreed to fund the development
of Nabucco West, one of two pipeline projects competing to carry
that gas to Europe, the pipeline consortium said Thursday.
Nabucco reached an agreement about the Shah Deniz field with
SOCAR--Azerbaijan's state-owned energy company--BP PLC (BP),
Statoil ASA (STL.OS) and Total SA (TOT) on "joint funding of the
development costs of the Nabucco West up to the pipeline selection
decision for Shah Deniz' European export route," it said in a
statement. The parties also agreed that the Shah Deniz companies
would get a 50% stake in Nabucco, if the project will be selected
to carry the gas to Europe.
The deal will be executed "shortly," Nabucco said in the
statement.
Write to Alessandro Torello at
alessandro.torello@dowjones.com
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