TANAP to bring revenues to Azerbaijan starting from 2020

Oil&Gas Materials 12 February 2020 15:24 (UTC +04:00)

BAKU, Azerbaijan, Feb. 12

By Nargiz Ismayilova - Trend:

TANAP will bring revenues to Azerbaijan starting from 2020, President of Azerbaijan's State Oil Company SOCAR Rovnag Abdullayev said, Trend reports referring to SOCAR.

According to Abdullayev, the initial expectations for the TANAP project suggested that the cost of its construction would be $11.7 billion, while some other companies forecast a figure of $14 billion.

As a result of the effective work of its management, as well as the proper organization of tender procedures and project management, TANAP was completed with the cost of $6.3 billion.

According to Rovnag Abdullayev, earlier the rate of return on investment in projects reached 10-11 years, but now this figure is 6-7 years.

The opening ceremony of the TANAP-Europe connection was held on Nov. 30, 2019 in Ipsala, Edirne province of Turkey.

In this area, near the Greek border, TANAP is connected to the Trans-Adriatic Pipeline (TAP), through which natural gas from Azerbaijan will be delivered to European countries.

Opening ceremony of TANAP's Phase 0 took place on June 12, 2018, in the Turkish province of Eskisehir, and commercial gas deliveries to Turkey began in late June 2018.


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