Total to sell stake in Azerbaijani Shah Deniz gas field

March 3, 2014

France's Total plans to sell its 10 percent stake in Azerbaijan's Shah Deniz II gas field, sources with knowledge of the matter said, the second major to cut exposure to a project aimed to provide an alternative to Russian gas in Europe, Reuters reported on February 28.

"Total's strategy is to divest from projects where it has a minority stake and favour those where it is the operator," one of the sources said.

A spokesman for Total declined to comment. A representative of Turkish state pipeline firm Botas confirmed it was in talks to buy Total's sake in the project. Botas is developing the pipeline section to pump Azeri gas into Turkey and onward towards the European Union. "The acquisition of a 10 percent stake from Total is commercially profitable," the representative said.

Copyright: Reuters, 2014