The acquisition is subject to relevant government and regulatory approvals and is expected to close by the first quarter of 2013.
The 1,768 km Baku-Tbilisi-Ceyhan Pipeline is one of the main export routes for Caspian crude oil production with a capacity of around 1 million bbl/d to the Ceyhan terminal in the Mediterranean Sea in south east Turkey.
The acquisition will mark ONGC Videsh’s entry into oil-rich Azerbaijan, and is consistent with its stated strategic objective of adding high quality international assets to its existing exploration and production portfolio.