Istanbul, Turkey, Dec.5
By Abbas Akhundov- Trend:
State Oil Company of Azerbaijan (SOCAR) has yet to hold negotiations with new companies on participation in the TANAP gas pipeline project, head of SOCAR Turkey Enerji, a board member of Petkim Petrochemical Holding Kenan Yavuz said at a press conference during the Caspian Forum on Dec.5.
SOCAR's partners on the project for the development of the Shah Deniz gas condensate field presented their preliminary plans regarding acquisition of a share in the TANAP project. In accordance with the preliminary data, the partners intend to distribute some 29 percent of TANAP as follows: Statoil and BP - 12 percent for each, Total - five percent.
A total of $8-10 billion will be invested in the implementation of the project, according to Yavuz.
The opportunity to increase the pipeline's capacity is important, as the pipeline can also be used by other producers in the future.
"There can be no question of competition, as the market is large and the demand for gas is high," Yavuz said.
SOCAR is to launch TANAP in 2018.
The TANAP project envisages gas transportation from the Shah Deniz field to Europe via Turkey. The 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.