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OVL buys 2.36% in Baku-Tbilisi-Ceyhan Pipeline

, September 8, 2012, 0 Comments

ONGC Videsh Ltd (OVL) buys 2.36% stake in Baku-Tbilisi-Ceyhan Pipeline along with oilfieds for a sum of $1bn. The 1,768-km Baku-Tbilisi-Ceyhan pipeline has the capacity to transport around 1.0 mln barrels of oil per day and is one of the main export routes for Caspian crude oil. It evacuates the Caspian Sea crude to the Ceyhan terminal in the Mediterranean Sea in south east Turkey.

Recently company has come out with Blueprint 2030, a vision document to double output, triple revenue and foray in to non-exploration business such as City Gas Distribution. It seems OVL acquisition of Pipeline is the step in the right direction.