Turkish TPAO ups stake in Shah Deniz project

Turkish Petroleum Corporation (TPAO) has increased its share in the project on development of Azerbaijan's giant Shah Deniz field in the Caspian Sea to 19 percent, Azernews said on May 30.

The relevant agreement on purchase and sale of Total's share in the Shah Deniz project was signed by heads of TPAO and Total Azerbaijan companies, Besim Sisman and Christian Giudicelli, on May 30.

The agreement, which was signed in Istanbul, raised TPAO's stake in the project to 19 percent from a previous 9 percent, while Total exits the project.

Copyright: Azernews, 2014