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BP-led group to invest $45B to pipe gas to Europe

  • A consortium led by BP (BP) has signed a $45B deal to expand a natural-gas project at Azerbaijan's Shah Deniz field in the Caspian Sea and pipe the gas to Italy via Turkey, Greece and Albania.
  • Output from the reserve, which holds an estimated 1.2T cubic meters of gas, is projected to increase by 16B cubic meters a year and enable Europe to reduce its reliance on Russia. The potential also exists to connect to major gas suppliers in the Middle East.
  • Other companies in the group include Norway’s Statoil (STO) and Total (TOT).
  • The deal is the second major agreement that BP has announced in two days, with the U.K. oil major also signing a $16B investment in Oman. (PR)
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