Botas withdraws lawsuit against BTC project

Turkish Botas International Limited (BIL), the operator of the Baku-Tbilisi-Ceyhan pipeline in Turkey, has withdrawn a lawsuit against this pipeline project, Haberturk said on Friday.

Earlier, Botas filed a lawsuit against the project, claiming that it causes damage to the company to the amount of $2 billion.

Turkey and Azerbaijan made changes to the package of energy agreements in October 2011. hey also included the changes to the document on the Baku-Tbilisi-Ceyhan pipeline.

The amendments made to the agreement will bring Turkey additional revenue worth $ 3.7 billion, whereas according to the previous agreement the country's losses were to hit $2 billion.

Botas's main losses occurred due to the increased cost of gas from the "Shah Deniz" field used by the company at the pumping stations of the Baku-Tbilisi-Ceyhan pipeline. Besides the changes in the document on the pipeline, the Turkish company will receive the compensation worth $ 100 million.


/Trend/