TotalFinaElf Acquires Stake in BTC Pipeline Project
TotalFinaElf confirms that it has acquired a participation of 5% in the BTC Pipeline Project which will link Baku in Azerbaijan to Ceyhan in Turkey. The BTC Pipeline construction was decided upon in August 2002.
TotalFinaElf participates in large exploration and production projects in the Caspian Sea area where hydrocarbon transportation is a key business driver for oil and gas activities. The Group has consistently followed a strategy promoting the development of multiple export routes for the crude oil produced in the Caspian area in order to increase security of export, stimulate competitiveness and provide access to a variety of markets.
The decision to join the BTC Pipeline Project is fully in line with this strategy and will provide TotalFinaElf access to export capacity for part of its future production from the Caspian area, notably Kazakhstan.