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TPAO increases domestic investment

04 November 2016 13:43 (UTC +04:00)

Baku. Ilkin Ahmadov – APA-Economics. TPAO reduced foreign investments, increased domestic investment, Director-General Besim Shishman told Anadolu Agency.

According to him, TPAO made large amount of investments in the projects in Azerbaijan: “We would like to continue, but Turkish Minister of Energy and Natural Resources Berat Albayrak told us to increase the domestic investment and the state will provide necessary support to us. After this instruction, we increased domestic investments. Together Shell, we plan to launch one more field in the Black Sea in 2017. If our plan fails, we can wait till 2018”.

The Director-General added that TPAO plans to produce 13 million barrels of oil in the years coming.

TPAO is one of 7 shareholders in the South Caucasus Pipeline with the equity of 19 percent. It has 6.8% in ACG, 6.53% in BTC and 19% in Shahdeniz.