Azerbaijani president approves agreement on TANAP gas pipeline
Azerbaijan, Baku, Jan. 18 / Trend /
Azerbaijani President Ilham Aliyev today approved the agreement on "The System of the Trans-Anatolian gas pipeline between the Azerbaijani and Turkish governments", signed in Istanbul on June 26, 2012.
The TANAP project envisages the construction of a pipeline from the eastern border of Turkey to the country's western border to supply gas from Azerbaijan's 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.
Presently, a 20% share in TANAP belongs to Turkish BOTAS and TPAO, while 80% is owned by the State Oil Company of Azerbaijan (SOCAR). SOCAR intends to retain 51% of the equity in the project. The rest of SOCAR's share will be allocated amongst the "Shah Deniz" project's foreign partners.