February 19, 2018 / 8:19 AM / a month ago

ExxonMobil acquires 2.5 percent stake in the BTC oil pipeline

BAKU (Reuters) - U.S. oil major ExxonMobil (XOM.N) has acquired 2.5 percent stake in the Azeri Baku-Tbilisi-Ceyhan (BTC) pipeline from CIECO, a subsidary of Itochu (8001.T), an ExxonMobil official said on Monday.

FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

“ExxonMobil became an owner of 2.5 percent stake in the BTC project in November 2017,” Aygun Tanriverdiyeva, an ExxonMobil official in Baku, told Reuters.

    “The company acquired the stake in the project from CIECO,” she said without elaborating on details of the deal.

    The BTC pipeline company operates the pipeline, which ships oil from Azerbaijan’s major Azeri-Chirag-Guneshli oilfields to Turkey via Georgia.

    Reporting by Nailia Bagirova and Margarita Antidze; writing by Margarita Antidze; editing by Vladimir Soldatkin

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