Turkey's TPAO buys 49% of Russian oil field

Turkey’s Petroleum Corp. to own oil reserves in the Baituganskoye field, which is calculated to hold nearly 50 million barrels of oil.

Turkey's TPAO buys 49% of Russian oil field
World Bulletin / News Desk
 
Turkey’s Petroleum Corporation (TPAO) has bought a 49 percent share in Hungarian oil company MOL’s production field in Baituganskoye, Russia, Turkey’s Energy Minister Taner Yildiz said on Thursday.

The US$175 million transaction will see TPAO gain nearly half of the shares in the Baituganskoye field, which is calculated to hold nearly 50 million barrels of oil. 

The deal is expected to be signed within the next month.

TPAO is Turkey's national oil company. 

In recent years, the company has undertaken a number of oil and natural gas exploration projects as part of its mission to develop domestic and international resources and meet the increasing demand for oil and gas in Turkey.

Last Mod: 20 Şubat 2014, 17:36
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