SOCAR, Botas and TPAO establish joint stock company for TANAP pipeline

Oil&Gas Materials 7 November 2012 14:28

Azerbaijan, Baku, Nov.7 / Trend E.Ismayilov /

The State Oil Company of Azerbaijan (SOCAR) and the Turkish state companies Botas and TPAO signed an agreement on shareholders of the Trans-Anatolian gas pipeline project, SOCAR President Rovnag Abdullayev told journalists on Wednesday.

He said in accordance with the signed agreement, the company TANAP Co was established in Turkey.

As Abdullayev said, it is planned to complete preparation of the main project on TANAP by 2013.

"The work is speedily underway," he said.

TANAP project envisages construction of a gas pipeline from Turkey's eastern border to the western border to transport gas from Azerbaijan's offshore Shah Deniz field to Europe.

On June 26, 2012, Azerbaijan and Turkey signed an intergovernmental agreement on TANAP's implementation.

The initial capacity of the pipeline will be 16 billion cubic meters. Some six billion cubic meters of the volume will be supplied to Turkey, while the rest will be transported to Europe.