Expert comments on Statoil's decision to sell its share in Shah Deniz

Norwegian company Statoil's decision to sell its 10-percent share in the Shah Deniz project announced yesterday was a surprise for many. Vestnik Kavkaza discussed the move with the head of the Baku Centre for Oil Research, Ilham Shaban.

According to the expert, the decision was indeed a surprise for the companies operating in the Caspian region.

"The decision made by the second-largest company in the region after BP to sell its share shows that it's going to leave the region's market," he says.

The decision could be caused by the increase of the TANAP project's cost, which was initially estimated as $7-8 billion and now amounts to $10 billion, Shaban says.