ExxonMobil Corp. (NYSE: XOM) has acquired 2.5% stake in the Azeri Baku-Tbilisi-Ceyhan (BTC) pipeline from CIECO, a subsidary of Itochu, an ExxonMobil official said Feb. 19.
"ExxonMobil became an owner of 2.5% stake in the BTC project in November 2017," Aygun Tanriverdiyeva, an ExxonMobil official in Baku, told Reuters.
"The company acquired the stake in the project from CIECO," she said without elaborating on details of the deal.
The BTC pipeline company operates the pipeline, which ships oil from Azerbaijan's major Azeri-Chirag-Guneshli oil fields to Turkey via Georgia.
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