HOUSTON, April 7, 2011 -- The $3.9 billion Baku-Tbilisi-Ceyhan (BTC) Oil Pipeline was selected as the standout transaction from the past decade during the Infrastructure Journal (IJ) award’s ceremony in London on last month.
Baker Botts L.L.P. served as lead project development counsel for the BP-led consortium of companies that built the 1000-plus mile pipeline that now carries 1 million barrels of oil per day from under the Caspian Sea to Western markets. The BTC project constitutes the main East-West energy corridor from the Caspian offshore oilfields to the Mediterranean and has become vital both politically and economically to Europe, the United States and the three transit countries, Azerbaijan, Georgia and Turkey. Oil began flowing through the pipeline in May 2005.
The IJ judges selected the BTC project from 10 nominees for its scope, scale and success – three factors that ring true seven years later when looking at its progress.
Ian Dixon, former chief executive at Ambac and chair of the judging panel, said of the selection, “We looked at transactions that were sustainable and covered a number of different countries, in addition to being cross border. Projects on the final shortlist came from across the sectors, including Power, Oil & Gas and PPP. The BTC pipeline was eventually voted the winner as it was a project that met all the criteria set for the panel while being a standout transaction from the past decade.”
The 10 projects on the final shortlist included:
• Allenby Connaught MoD Accommodation PPP
• Autoroutes du Sud... de la France Privatization
• Baku-Tbilisi-Ceyhan (BTC) Pipeline
• Nakilat QGTC LNG Vessel Financing
• Nam Theun II Hydroelectric Project
• Port of Miami Tunnel
• Q7 Offshore Wind Park
• Sakhalin II
• Sydney Airport Privatization
About Baker Botts L.L.P.
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