SEATTLE (Oil Monster): British energy giant BP will transfer operational control of the strategic Baku-Tbilisi-Ceyhan (BTC) oil pipeline to Azerbaijan's state-owned energy company SOCAR, effective July 1, 2026. The handover fulfills a long-standing contractual commitment between the two companies.
The transfer marks a significant shift in the operation of the 1,768-kilometer pipeline, which has been a cornerstone of regional and global energy security since 2006. The pipeline transports more than one million barrels of crude oil daily from the Caspian Sea to the Mediterranean port of Ceyhan in Turkey, providing a critical route for Caspian oil to reach international markets.
The transaction underlines SOCAR's growing expertise in managing large-scale energy infrastructure, said market experts. The Azerbaijani energy major, through its AzBTC subsidiary, is already the largest shareholder in the consortium with a 32.97% stake.
Commenting on the development, Giovanni Cristofoli, BP's regional president for Azerbaijan, Georgia and Turkey, clarified that the transfer does not signal BP's departure from the region. The company remains committed to its partnership with SOCAR and will retain its 30.1% ownership stake in the BTC consortium.
BP will transfer operational control of the BTC pipeline to SOCAR effective July 1, 2026, as part of a long-standing contractual commitment.
The Baku-Tbilisi-Ceyhan pipeline has the capacity to transport more than one million barrels of crude oil per day from the Caspian Sea to Turkey's Mediterranean port of Ceyhan.
No. BP's regional president Giovanni Cristofoli confirmed that the company is not departing the region and will retain its 30.1% ownership stake in the BTC consortium.
SOCAR, through its AzBTC subsidiary, is the largest shareholder with a 32.97% stake, followed by BP with 30.1%.
The Baku-Tbilisi-Ceyhan pipeline spans 1,768 kilometers, traversing Azerbaijan, Georgia, and Turkey to reach the Mediterranean Sea.
