Inpex Acquires Stake In Baku-Tbilisi-Ceyhan Pipeline

Inpex will acquire a 2.5 percent stake in the $2.9 project to construct a pipeline to connect Baku via Georgia to the Turkish Mediterranean port of Ceyhan by 2005. This will be the first major private pipeline from the Caspian to bypass Russia and the crowded Turkish Black Sea straights.

Inpex holds an 8.33% interest in the Kashagan project which is operated by Agip. Reserves from Kashagan could be transported through the pipeline in 2005 when it is completed.

Inpex will acquire its stake in the BTC pipeline from BP and TPAO. After the sale BP will hold 32.6 percent in the project, SOCAR will hold 25 percent, Unocal will hold 8.9 percent and Statoil will hold 8.71 percent, TPAO will hold 6.53 percent, ENI 5.0 percent, TotalFinaElf 5.0 percent, Itochu 3.4 percent, Inpex 2.5 percent and Delta Hess the remaining 2.36 percent.