BTC pipeline fetches $315m to Azerbaijan’s oil fund
The revenues of the State Oil Fund (SOFAR), the body that holds
Azerbaijan’s revenues from crude exports, from operating the
Baku-Tbilisi-Ceyhan (BTC) pipeline hit $314.8 million by the end of
2009, according to its Executive Director Shahmar Movsumov.
SOFAR receives dividends from the BTC activities, as the fund fully funded Azerbaijan's participating share in the construction of the pipeline, which transports the country’s crude to world markets through Georgia and Turkey.
SOFAR expenditures on financing the state share in the BTC project amounted to $312.6 million in 2002-2006, Movsumov wrote in his article published in the state Respublika (Republic) newspaper.
"The energy corridor connecting the Caspian and the Mediterranean Sea paved the way for large-scale oil transports to world markets and opened wider opportunities for the development of our economy," Movsumov wrote.
According to Movsumov, Azerbaijan has gained an opportunity to implement various export strategies and the country's energy transit potential increased many-fold after the pipeline began to operate in June 2006.
The BTC’s pumping capacity is 50 million tons of oil per year.
The total length of BТС is 1,768 kilometers, including the 443 km section running via Azerbaijan, 249 km in Georgia and 1,076 km in Turkey.
The BTC shareholders are BP (30.1%), AzBTC (25%), Chevron (8.90%), Statoil (8.71%), TPAO (6.53%), ENI (5%), Total (5%), Itochu (3.40%), Inpex (2.50%), ConocoPhillips (2.50%) and Hess (2.36%).*
SOFAR receives dividends from the BTC activities, as the fund fully funded Azerbaijan's participating share in the construction of the pipeline, which transports the country’s crude to world markets through Georgia and Turkey.
SOFAR expenditures on financing the state share in the BTC project amounted to $312.6 million in 2002-2006, Movsumov wrote in his article published in the state Respublika (Republic) newspaper.
"The energy corridor connecting the Caspian and the Mediterranean Sea paved the way for large-scale oil transports to world markets and opened wider opportunities for the development of our economy," Movsumov wrote.
According to Movsumov, Azerbaijan has gained an opportunity to implement various export strategies and the country's energy transit potential increased many-fold after the pipeline began to operate in June 2006.
The BTC’s pumping capacity is 50 million tons of oil per year.
The total length of BТС is 1,768 kilometers, including the 443 km section running via Azerbaijan, 249 km in Georgia and 1,076 km in Turkey.
The BTC shareholders are BP (30.1%), AzBTC (25%), Chevron (8.90%), Statoil (8.71%), TPAO (6.53%), ENI (5%), Total (5%), Itochu (3.40%), Inpex (2.50%), ConocoPhillips (2.50%) and Hess (2.36%).*
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