ExxonMobil becomes BTC shareholder

TExxonMobil confirmed that it acquired 2.5 percent of the Baku-Tbilisi-Ceyhan pipeline through a share purchase from CIECO BTC (UK) Ltd, an affiliate of Japan’s Itochu.

The terms of the agreement are confidential, said Exxonmobil’s media relations advisor.

“ExxonMobil has had a continuous business presence in Azerbaijan since 1995, and remains committed to working with the republic. The pipeline plays an important role in the international energy supply network. We will work with Azerbaijan and BTC co-venturers to continue the pipeline’s success,” the company told Trend.

ExxonMobil became a shareholder of BTC Co., which manages the Baku-Tbilisi-Ceyhan oil pipeline, reads BP's report on the results of activities in Azerbaijan in 2017.

BTC Co. shareholders are: BP (30.1 percent), AzBTC (25 percent), Chevron (8.9 percent), Statoil (8.71 percent), ТРАО (6.53 percent), Eni (5 percent), Total (5 percent), Itochu (3.4 percent), Inpex (2.5 percent), ExxonMobil (2.5 percent) and ONGC (2.36 percent).

The total length of the BТС is 1,768 kilometers, including a 443 kilometer-long section running through Azerbaijan, a 249-kilometer long section in Georgia and a 1,076kilometer long section in Turkey. The construction of the pipeline started in 2003. It was filled with oil in 2005.

The pumping capacity of the pipeline is 1.2 million barrels per day.