Oil & Gas
Transportation – Baku-Tbilisi-Ceyhan (BTC) Pipeline / Upstream – Turkmenistan Oil and Gas Properties:
Considered as “one of the great engineering endeavours” (BP and NATO working papers)
Filled to capacity, the Baku-Ceyhan pipeline can carry more than 1 per cent of the world’s oil supply, making it a strategically critical piece of infrastructure for the world (Financial Times)
After the Soviet Union loosened its grip on Central Asia, we originated and developed the Baku-Tbilisi-Ceyhan (BTC) pipeline project, which now moves one million barrels per day of Caspian Sea crude oil to the Mediterranean Sea and thus to world markets, by the negotiation and the signature of the original pipeline right-of-way transit agreement with the Government of Turkey. This agreement was essential to the success of the project, which was eventually completed by BP after its purchase of Amoco, with which we had been cooperating in the Central Asian area. The BTC pipeline celebrated 3 billion barrels of oil export. The milestone was achieved on 14 July 2018 when the 3 billionth barrel of Caspian crude flowed through the Baku-Tbilisi-Ceyhan (BTC) pipeline, was loaded on the 3,929th tanker and headed for world markets.
During the 1990s, we also acquired development rights and equity ownership positions in Turkmenistan’s Blocks I (offshore) and III (onshore) two of that country’s major oil and gas producing properties. (Block I was later farmed out to Malaysia’s Petronas.) These fields have reserves of 13 trillion cubic feet of gas and 700 million barrels of oil, with 1,400 working wells, and currently produce two billion cubic feet per day of natural gas.
Transportation – Suez-Mediterranean (SUMED) Pipeline in Egypt:
Considered as “one of the world’s greatest engineering feats” (Center for Strategic and International Studies)
SUMED pipeline captures 80% of oil movement share from the Arabian/Persian Gulf to Europe
In the 1970s, we conceived, financed and built the well-known 200-mile long Suez – Mediterranean (SUMED) Pipeline in Egypt, a pipeline designed to run parallel to the blocked Suez Canal, which had been closed since the 1967 Arab-Israeli war. Using Bechtel Corporation as prime contractor, the pipeline, comprised of two parallel 42-inch lines, was opened in 1978 with a capacity of 1.6 million barrels per day. Completion of an additional pumping station in 1994 increased capacity to its current 2.5 million barrels per day.
Transportation – IGAT Pipeline in Iran
We financed the project of Transco Middle East Pipeline Company (United States) to build Iran’s gas pipeline system (now a portion of IGAT).
Saudi Arabian Methanol Project:
We conceived, negotiated and financed the start of the world’s largest single chemical methanol production complex project (which later had 5 expansions) of Mistubishi and Sabic (who partnered into Saudi Methanol Company, known as Ar-Razi) in Jubail, Saudi Arabia, with an annual production of about 5 million tons, through a 5-year supply contract of 100 million bbl of Saudi crude oil to Japan.
Chantiers Navals de la Ciotat (CNC):
We acquired ownership of Chantiers Navals de la Ciotat (CNC), the second-largest shipyard in France, one of the early pioneers in the construction of LNG vessels for oceangoing natural gas transport, and also specialized in submarines, patrol boats and other military platforms plus very large crude carriers (VLCCs) and conventional bulk cargo vessels for the civilian maritime industry.
Downstream – Tamoil Corporation and related Affiliates:
We founded and built Europe’s Tamoil Corporation by purchasing and combining all of the Italian assets of Amoco (Standard Oil Company of Indiana) and of Texaco Corporation (1,000 service stations each), starting in the 1980s. With 100% ownership, we expanded the company to 3,000 service stations, three refineries, an extensive pipeline distribution system and a refining capacity of 255,000 barrels of oil per day. Tamoil today has annual sales of $20 billion and a market capitalization of $6.3 billion. The company operates in Germany, The Netherlands, Switzerland, Italy and Spain.