TANAP expects BP to become project’s shareholder soon
Baku, Azerbaijan, March 12
By Aygun Badalova - Trend:
The Trans-Anatolian Natural Gas Pipeline (TANAP) expects BP to resolve outstanding issues soon to become a stakeholder in this project, Reuters reported citing the TANAP external relations director Magsud Mammad.
He said that talks on BP becoming a shareholder in TANAP are ongoing.
"The agreement is still pending. It is all about technical problems which should be resolved soon. We have certain technical differences but I don't think there's going to be a pull out by BP," Mammad said.
He also said that TANAP project would be inaugurated on March 17, while its construction would start in April. It is expected to be completed by the end of 2018.
The TANAP project envisages the transportation of gas of Azerbaijan's Shah Deniz field from the Georgian-Turkish border to the western borders of Turkey. TANAP's initial capacity is expected to reach 16 billion cubic meters of gas per year.
Around six billion cubic meters of this gas will be delivered to Turkey and the rest of the volume to Europe. Turkey will obtain gas in 2018. The gas will be supplied to Europe in early 2020 after the Trans Adriatic Pipeline (TAP) is constructed. TANAP project's cost is estimated at $10-$11 billion.
Following the completion of a legal registration process, TANAP's shareholders will be as follows: SOCAR - 58 percent, Botas - 30 percent, and BP - 12 percent.