Turkey ratifies MoU with Azerbaijan on TANAP project

Economy Materials 18 September 2014 11:51 (UTC +04:00)

Baku, Azerbaijan, Sept.18

By Rufiz Hafizoglu - Trend:

Turkey has ratified the memorandum of understanding with Azerbaijan on the Trans-Anatolian gas pipeline project (TANAP), a message posted on the website of Turkey's Resmi Gazete newspaper said on Sept.18.

The memorandum enters into force from the date of its ratification.

The memorandum of understanding on the TANAP project was signed between Turkey's Minister of Energy and Natural Resources, Taner Yildiz and Azerbaijani Minister of Industry and Energy, Natig Aliyev in the Turkish city of Ankara on May 26, 2014.

The TANAP project envisages transporting gas from Azerbaijan's Shah Deniz field through Turkey up to the country's border with Europe.

The pipeline's initial capacity is expected to be 16 billion cubic meters per year. About six billion cubic meters of gas will be delivered to Turkey and the rest to Europe. The pipeline's capacity can be further expanded to 31 billion cubic meters of gas per year.

It is planned to commission the TANAP pipeline in 2018. The project's cost is estimated at $10 billion to $11 billion.