Total Sells $1.5 Billion Azeri Gas-Project Stake to Turkey - Bloomberg

Total Sells $1.5 Billion Azeri Gas-Project Stake to Turkey - Bloomberg:



"Total SA (FP) sold its 10 percent stake in Azerbaijan’s Shah Deniz gas project to Turkey’s state oil company for $1.5 billion as part of an asset-sale plan.



TPAO Turkiye Petrolleri AO will buy Total’s stake in the field and South Caucasus pipeline, the French company said today in a statement. Total entered the Caspian Sea project in 1996.



After the deal, France’s largest oil company will have sold $16 billion of assets since 2012, pushing through its target of raising $15 billion to $20 billion through divestments, it said.



“The sale of our interest in Shah Deniz is in line with Total’s active portfolio management and the focus of its investment capability on more strategic assets,” Michael Borrell, senior vice president for continental Europe and central Asia, said in the statement."



'via Blog this'