Details added (first version posted on 13:09)
Baku, Azerbaijan, Nov. 10
By Maksim Tsurkov - Trend:
Costs for construction of the Trans-Anatolian Natural Gas Pipeline (TANAP) decreased 20-25 percent from the original forecasts, said Rovnag Abdullayev, president of Azerbaijan's state oil company SOCAR.
"This was due to decreases in prices," he explained speaking to reporters Nov. 10.
"We had good tender results, in particular for pipe purchases. This allowed us to reduce project costs," noted Abdullayev.
Capital costs of the TANAP project are expected to stand at $9.5 billion.
Plans call for the TANAP pipeline to initially carry 16 billion cubic meters of gas per year.
Some six billion cubic meters of gas will be delivered to Turkey, while the remaining volume will be supplied to Europe.
Turkey will receive shipments of gas beginning in 2018, and after completion of the Trans-Adriatic Pipeline (TAP), gas will be delivered to Europe in early 2020.
Currently, shareholders of TANAP are SOCAR - 58 percent, Botas - 30 percent, and BP - 12 percent.
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