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Tuesday, April 24, 2007

BTC Co shareholders stop pumping oil via Baku Novorossiysk and Baku-Batumi routes

19 Apr 2007 17:04 APA News - The shareholders of Azerbaijan International Operating Company (AIOC), which have a stake in BTC Co, have reoriented all the oil coming from Azeri-Chirag-Guneshli through Baku-Tbilisi-Ceyhan pipeline. All theses companies have stopped exporting oil via Baku Novorossiysk and Baku-Batumi routes. BP-Azerbaijan press officer Tamam Bayatly told APA-Economics that the BTC Co. owners are pumping between 600,000 and 700,000 barrels of crude oil per day via Baku-Tbilisi-Ceyhan pipeline. “They built the BTC pipeline to deliver their exports to the world market. Now, they decided to halt exports through Baku Novorossiysk and Baku-Batumi routes,” she added. BTC Co. shareholders are 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%) and Hess (2.36%). AIOC shareholders include BP (34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), Itochu (3.95) and Hess (2.7%).

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