SOCAR: Work on TANAP project conducted on schedule
Azerbaijan, Baku, Dec. 3 / Trend E. Ismayilov /
The operations are underway to determine the territory through which the new pipeline will stretch within the Trans-Anatolian gas pipeline (TANAP), SOCAR head Rovnag Abdullayev told journalists today.
He said that the work is being conducted within this project implementation in accordance with the schedule. After the process of determining the territory is over, the operations will begin to ensure the land acquisition process.
"The work is carried out in the normal mode in accordance with the schedule," Abdullayev said.
He said that the negotiations are underway with the participants of consortium developing Shah Deniz gas condensate field (BP, Statoil, Total), which previously expressed an interest in participating in TANAP project.
At present, a 20 per cent share in TANAP belongs to Turkish BOTAS and TPAO, 80 per cent - the State Oil Company of Azerbaijan (SOCAR). According to the preliminary data, the partners intend to distribute a 29 per cent share in TANAP as follows: Statoil and BP - 12 per cent, Total - five per cent.
SOCAR intends to retain 51 percent of the equity in the project. Turkey will keep 20 percent of the equity.
TANAP project envisages construction of the pipeline from the eastern border of Turkey to the country's western border to supply gas from Azerbaijani Shah Deniz gas field to Europe through Turkey. The initial capacity of the pipeline is expected to reach 16 billion cubic meters a year. About six billion cubic meters will be delivered to Turkey, and the rest - to Europe.