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TANAP Being Implemented Ahead of Schedule – SOCAR

Project financing of Trans-Anatolian Gas Pipeline (TANAP) is carried out at a normal pace, the head of SOCAR (State Oil Company of Azerbaijan) Rovnag Abdullayev said.

He said that partners of SOCAR on the project, BOTAS and BP, have already begun funding within the framework of their share.

"TANAP is being implemented even ahead of schedule," said the head of the company. "Azerbaijani gas will reach Turkey in the second half of 2018."

TANAP project envisages the transportation of gas of Azerbaijan's Shah Deniz field from the Georgian-Turkish border to the western borders of Turkey. TANAP's initial capacity is expected to reach 16 billion cubic meters of gas per year.

Around six billion cubic meters of this gas will be delivered to Turkey and the rest of the volume to Europe. Turkey will obtain gas in 2018. The gas will be supplied to Europe in early 2020 after the Trans Adriatic Pipeline (TAP) is constructed. The project's cost is estimated at $10-$11 billion.

BP and the TANAP consortium signed a shareholder agreement on March 13, according to which BP will become one of the shareholders of TANAP. The agreement is one of the main documents for BP's ownership of a stake in the TANAP project.

Following the completion of a legal implementation procedure, TANAP's shareholders list will be as follows: SOCAR – 58 percent, Botas – 30 percent and BP – 12 percent.

Source: Trend

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