SOCAR acquires 26% of a new consortium in Cote d'Ivoire

Baku. 25 November. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) has acquired 26% of a new consortium, established by French oil major Total and the Ivorian State Oil Company to build a liquid natural gas (LNG) import terminal.

Report import citing the Reuters, the new company, Cote d'Ivoire-GNL, 34% owned by Total, the State Oil Company of Azerbaijan Republic (SOCAR) controls 26% and Ivorian State Oil Company Petroci 16%. Royal Dutch Shell, also hold minority stakes.

The cost of the project, expected to take about 18 months to complete, makes 100 million USD. The terminal will store 100 million cubic feet of gas initially, then gradually be brought up to 400 million cubic feet.