(MENAFN) TPAO, Turkey-based oil company, has signed a USD1.5 billion acquisition deal over the French energy company Total's 10 percent stake in Azerbaijan's Shah Deniz gas project, The Peninsula Qatar reported.
Total said in a statement that the deal is worth USD1.5bn, and on completion will bring to USD16 billion the assets sold by Total since 2012, in line with its asset-sale target of USD15-20 billion by the end of2014.
According to sources, the agreement increases TPAO's stake in the
project to 19 percent from a previous 9 percent, while Total exits the project.
Azerbaijan's biggest gas field, Shah Deniz is being developed by consortium partners BP, Statoil, SOCAR and others.
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