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Turkish Company Withdraws Lawsuit against Baku-Tbilisi-Ceyhan Project |
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Friday, 6 January 2012Turkish Botas International Limited (BIL), the operator of the Baku-Tbilisi-Ceyhan pipeline in Turkey, has withdrawn a lawsuit against the pipeline project, Haberturk said on Friday.
Earlier, Botas filed a lawsuit against the project claiming that it causes damage to the company amounting to $2 billion.
Turkey and Azerbaijan made changes to the package of energy agreements in October 2011. They also included some to the document relating to the Baku-Tbilisi-Ceyhan pipeline. The amendments made in the agreement will bring Turkey additional revenue worth $3.7 billion, whereas according to the previous agreement, the country's losses were likely to reach $2 billion.
Botas's main losses occurred due to the increased cost of gas from the Shah Deniz field used by the company at the Baku-Tbilisi-Ceyhan pipeline pumping stations.
Besides the changes in the document, the Turkish company will receive compensation worth $ 100 million.
The BТС's total length is 1768 kilometres including a 443-kilometre section running via Azerbaijan, a 249-kilometre section traversing Georgia and a 1076-kilometre section passing through Turkey. The pipeline's construction began in April 2003. The first oil flowed on May 18, 2005.
BTC Co. shareholders include: BP (30.1 per cent); AzBTC (25 per cent); Chevron (8.90 per cent); Statoil Hydro (8.71 per cent); ТРАО (6.53 per cent); Eni (5 per cent); Total (5 per cent); Itochu (3.40 per cent); Inpex (2.50 per cent); ConocoPhillips (2.50 per cent) and Amerada Hess (2.36 per cent). |
Friday, 6 January 2012
Trend AZ
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