Turkey says foreign companies show great interest in TANAP project

Photo: Turkey says foreign companies show great interest in TANAP project / Oil&Gas

Baku, Azerbaijan, May 5

By Rufiz Hafizoglu - Trend:

A number of foreign companies show great interest in getting a share in the project for construction of the Trans-Anatolian gas pipeline (TANAP), Turkish Hurriyet newspaper reported on May 5, citing Taner Yildiz, the country's Minister of Energy and Natural Resources.

One of the most important economic projects of Turkey - TANAP project - will contribute to its development, the minister said.

"The project is very important and many foreign companies show great interest in it," Yildiz added.

The TANAP project envisages gas transportation from the Azerbaijani 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 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.


Translated by L.Z.

Edited by C.N.

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