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Turkey Ratifies Agreement with TANAP Consortium

The Turkish Cabinet of Ministers ratified the agreement on cooperation signed earlier with the Trans-Anatolian gas pipeline consortium - the Trans Anatolian Gas Pipeline Company.

According to government sources, the agreement on the TANAP construction signed between the Turkish and Azerbaijani governments was also ratified.

Presently, a 20-percent share in TANAP belongs to Turkish BOTAS and TPAO, while 80 percent is owned by the State Oil Company of Azerbaijan (SOCAR). SOCAR intends to retain 51 percent of the equity in the project. Turkey will keep 20 percent of the equity.

TANAP project envisages construction of the pipeline from the eastern border of Turkey to the country's western border to supply gas from Azerbaijani Shah Deniz gas field to Europe through Turkey. The initial capacity of the pipeline is expected to reach 16 billion cubic meters a year. About six billion cubic meters will be delivered to Turkey, and the rest - to Europe.

Source: Trend

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