Chevron officially agrees to join BTC sponsors

Chevron oil company has sent an official letter to SOCAR, stating its intention to join the group of the Baku-Tbilisi-Ceyhan sponsors. A source from the company told Azernews Monday that negotiations would start as soon as SOCAR responds to the letter.

Touching upon the reasons behind the decision, a Chevron representative said the interest in the project was boosted after positive results had been obtained from the first exploration well on Chevron-operated Absheron prospect. The source said that the export route of Chevron oil would ill be determined after the drilling operations, scheduled to complete in summer.

It is indicative that Chevron is keen on taking part in both engineering work and financing.