Turkey intends to acquire share in TAP

Oil&Gas Materials 24 July 2015 11:11 (UTC +04:00)
Turkey intends to acquire share in the Trans-Adriatic Pipeline (TAP).
Turkey intends to acquire share in TAP

Baku, Azerbaijan, July 24

By Rufiz Hafizoglu - Trend:

Turkey intends to acquire share in the Trans-Adriatic Pipeline (TAP), a source in the Turkish government told Trend July 24.

The source said the acquisition of a share in the TAP is a historic chance for Turkey, and Ankara is not going to miss it.

Currently the issue is being considered, according to the source.

Earlier it was reported that Statoil intends to sell its 20-percent share in the TAP.

TAP project is a part of the Southern Gas Corridor that will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security, and also will allow Azerbaijan to obtain a new market in Europe. Azerbaijani gas is meant to first go via the Southern Gas Corridor.

As part of ensuring Azerbaijani gas supply to Europe, the final investment decision was made on Dec. 17, 2013 on the Stage 2 of the Shah Deniz offshore gas and condensate field's development. The gas produced at this field will first go to the European market (10 billion cubic meters), while six billion cubic meters of gas will be annually delivered to Turkey.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas and 240 million metric tons of condensate.

As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.

TAP's initial capacity will be 10 billion cubic meters per year, expandable to 20 billion cubic meters per year.

The pipeline's construction is scheduled to start on May 16, 2016.

TAP's shareholding is comprised of BP (20 percent), SOCAR (20 percent), Statoil (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (five percent).

Edited by SI


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