TPAO to increase stake in Azerbaijan’s Shah Deniz project

May 30, 2014

Turkish Petroleum Corporation (TPAO) will increase its stake in the project on development of Azerbaijan's giant Shah Deniz field in the Caspian Sea to 19 percent, Azernews reported on May 30.

TPAO seeks to acquire French energy company Total's 10 percent stake in this project, sources at Azerbaijani oil and gas market told Trend agency on May 30.

The agreement, which is expected to be signed in Istanbul on May 30, will raise TPAO's stake in the project to 19 percent from a previous 9 percent, while Total exits the project. The sources did not name the cost of the deal.

Copyright: Azernews, 2014