Baku, Azerbaijan, March 20
By Rufiz Hafizoglu - Trend:
Azerbaijan's investments in the Turkish economy are another proof of political stability in the country, Turkish Minister of Energy and Natural Resources Taner Yildiz said on March 20, Turkish news agency Anadolu reported.
"Turkey and Azerbaijan are connected not only by political relations, but also joint economic projects," he said.
"One of the results of successful Azerbaijani-Turkish cooperation is an important energy project in the region, the Trans-Anatolian gas pipeline construction project (TANAP)," the minister said.
"At present, Turkey and Azerbaijan are working on the implementation of this project," he said.
The TANAP project envisages gas transportation from the Shah Deniz field to Europe via Turkey. The pipeline's initial capacity is expected to reach 16 billion cubic meters per year.
Around six billion cubic meters 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.
Currently the share distribution in the TANAP project is Turkey (20 percent) and Azerbaijan (80 percent). Following the completion of the process to acquire a stake in the TANAP project by British company BP, 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 cost is estimated at $10-11 billion.
Translated by NH
Edited by SM