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Statoil to Leave TAP Gas Pipeline Project

Norway's Statoil is to sell its 20-percent stake in the Trans Adriatic Gas Pipeline (TAP).

project that will carry gas from Azerbaijan to Europe, the president of Azerbaijani state energy firm SOCAR said.

Norway's Statoil is to sell its 20-percent stake in the Trans Adriatic Gas Pipeline (TAP) project that will carry gas from Azerbaijan to Europe.

"Statoil has decided to leave the TAP project completely, and there is a company which is ready to buy its stake," Rovnag Abdullayev said.

"Several companies have expressed an interest in buying Statoil's stake, and it would be better if several companies would buy it," he added.

The TAP pipeline is a part of project that is designed to transport 16 billion cubic metres (bcm) of gas from Azerbaijan's Shah Deniz II field in the Caspian Sea, one of the world's largest gas fields, by the end of the decade.

The 870 kilometre (545 mile) pipeline will connect with the Trans Anatolian Pipeline (TANAP) near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before reaching southern Italy.

Statoil has already sold its shares in Azerbaijan's Shah Deniz gas field as well as the South Caucasus Pipeline (SCP) to SOCAR, BP and Malaysia's Petronas.

Source: Reuters

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