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Turkey to Sell Part of Its Stake in TANAP Pipeline Project

Turkey is intending to put a part of its stakes in the Trans-Anatolian Gas Pipeline (TANAP) up for privatisation, Turkish Energy and Natural Resources Ministry said.

Turkey's share in the project is 20 percent.

The TANAP project envisages transportion of gas from the Shah Deniz field through Turkey up to the country's border with Europe. The initial capacity of the pipeline is expected to be 16 billion cubic meters per year. About 6 billion cubic meters of gas will be delivered to Turkey and the rest to Europe. In the future, the pipeline's capacity can be expanded to 31 billion cubic meters of gas per year.

"The issue of partial privatisation of Turkey's share in TANAP has already been submitted to the Turkish Cabinet of Ministers," the ministry said. "This issue is expected to be clarified in the upcoming weeks."

Previously Turkish Energy and Natural Resources Minister Taner Yildiz said that Turkey intends to increase its stake in TANAP project up to 30 percent.

Currently the share distribution in the TANAP project is conducted as follows: Turkey (20 percent) and Azerbaijan (80 percent).

Following the completion of the process on acquiring a stake in the TANAP project by British company BP, the shares in the project will be distributed as follows: SOCAR (operator) - 68 percent, Botas (Turkish state pipeline company) - 20 percent and BP - 12 percent.

TANAP shareholders plan to lay the pipeline's foundation in the second quarter of 2014 and to commission it in 2018. TANAP project's cost is estimated at $10 billion to $11 billion.

On December 17, 2013, a final investment decision was made on the second phase of Azerbaijani Shah Deniz offshore gas and condensate field's development.

The gas from the field will first go to the European market.

Source: Trend

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