What is the timeline and reason for BP transferring operational control of the BTC pipeline to SOCAR?

BP announced it is on track to hand over the running of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline to Azerbaijan’s state-owned oil company SOCAR effective July 1, as part of a pre-existing contractual obligation. The transfer is not a divestment by BP, and the company emphasized its continued involvement and enthusiasm for SOCAR assuming operatorship. BP did not clarify the specific nature of the contractual obligation or how the transition affects its 30.1% ownership stake in the pipeline.

What is SOCAR's current ownership stake in the BTC pipeline, and how does it relate to BP's stake?

SOCAR owns 32.97% of the BTC pipeline through its subsidiary AzBTC, making it the largest single shareholder, while BP holds a 30.1% stake. The remaining shares are held by eight other stakeholders. Despite transferring operational control to SOCAR starting July 1, BP retains its equity interest and has clarified that the move does not reflect a withdrawal from the asset.

BP to Transfer BTC Pipeline Operations to Azerbaijan's SOCAR

Jun 2, 2026

BP plans to hand over operations of the Baku-Tbilisi-Ceyhan oil pipeline to Azerbaijan's SOCAR on July 1 due to contractual obligations, while retaining its 30.1% stake in the 1 million barrel-per-day asset.

reuters

2026-06-02

BP to Transfer BTC Pipeline Operations to Azerbaijan's SOCAR

BP to Transfer BTC Pipeline Operations to Azerbaijan's SOCAR

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