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Celebrations Mark Major Step Towards BTC Pipeline Completion

BP LogoThe inauguration of the Georgian section of the Baku-Tbilisi-Ceyhan oil pipeline marks a major step towards completion of this strategically important energy project, which will deliver a major new oil resource to global markets.

The official ceremony marking the transit of oil through Georgia was hosted by President of Georgia Mikheil Saakashvili at the BTC pumping station near Gardabani. It was attended by President Ilham Aliyev of Azerbaijan, President Ahmet Necdet Sezer of Turkey, BP Group managing director Iain Conn and a large group of government officials, senior executives of BTC owner companies and business representatives.

"A project of this scale can only be realized with extraordinary co-operation between the three governments, investors and the partner companies involved." Iain Conn The 1,768-kilometre pipeline will carry one million barrels of oil a day from the BP-operated Azeri-Chirag-Gunashli field in the Azerbaijan sector of the Caspian Sea to the eastern Mediterranean port of Ceyhan, bypassing the sensitive and heavily used Bosphorus Straits. Staged filling of the pipeline is a gradual process over a period of several months, involving more than 10 million barrels of oil. The oil is currently on its way towards the Georgia/Turkish border, and the loading of the first tanker at Ceyhan is expected around the end of the year.

BP's Iain Conn described the project as a "remarkable shared achievement", thanking the many thousands of people who have worked to make it a reality over the last decade. "A project of this scale can only be realized with extraordinary co-operation between the three governments, investors and the partner companies involved. In total, the value of the BTC investment in Georgia alone will be close to $800 million. We will continue to operate in this country for many years to come, and BP looks forward to continuing its contribution and partnership as Georgia builds a secure and prosperous future."

BTC Co. (Baku-Tbilisi-Ceyhan) Shareholders:
BP (30.1%)
AzBTC (25.00%)
Chevron (8.90%)
Statoil (8.71%)
TPAO (6.53%)
Eni (5.00%)
Total (5.00%)
Itochu (3.40%)
INPEX (2.50%)
ConocoPhillips (2.50%)
Amerada Hess (2.36%)

Find out about:
BP
Baku-Tbilisi-Ceyhan pipeline (BTC) / South Caucasus gas pipeline (SCP)

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Posted 19/10/05

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