Statoil will invest approximately NOK 2 billion or approximately 10% of the total cost of the new pipeline from Baku to Ceyhan. The total cost to build the pipeline is approximately NOK 21 billion. The decision to build the 1,760-kilometer long pipeline comes after long, drawn out negotiations.
The pipeline will be used to transport oil from the Azeri-Chirag-Gunashli field, in which Statoil owns a 8.56 percent stake. When fully developed, the field is expected to yield one million barrels a day. At present, the production is around 120,000 barrels.
The face of USA's First Lady Melania Trump after her handshake with Russian President Putin has received a lot of attention in social media
Moscow is trying to stop Balkan countries from entering NATO. Greece eventually took measures against Russia, even though Greek Prime Minister Alexis Tsipras had earlier said that Russia was Greece's strategic partner
The Ukrainian government refuses to abode by its obligations, rejects a peaceful resolution of the conflict, and disregards its own people, the president said