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TANAP Natural Gas Transmission Co. sees increase in current assets

Oil&Gas Materials 3 July 2020 15:36
TANAP Natural Gas Transmission Co. sees increase in current assets

BAKU, Azerbaijan, July 3

By Leman Zeynalova – Trend:

Current assets of TANAP Natural Gas Transmission Company, operator of the Trans Anatolian Natural Gas Pipeline (TANAP), rose from $28.3 million in 2018 to $64.4 million in 2019, Trend reports with reference to the consolidated financial statements of the Southern Gas Corridor closed joint-stock company.

The information is based on amounts before inter-company eliminations.

The company’s current assets include cash and cash equivalents, which increased from $947,000 in 2018 to $27.9 million in 2019, trade and other receivables (from $11.9 million to $24 million), inventories (from $4 million to $6.2 million) and other current assets (from $11.4 million to $6.1 million).

This is while the non-current assets of TANAP Natural Gas Transmission Company stood at $6.6 billion in 2019, as compared to $6.4 billion in 2018.

The non-current assets include pipeline cost, which grew from $4.3 billion to $4.1 billion, construction in progress (from $2 billion to 2.4 billion), right-of-use asset ($32.8 million in 2019) and other non-current assets (from $27 million to $14.7 million).

The company’s current and non-current liabilities amounted to $442.1 million and $3.4 billion, respectively in 2019.

TANAP Natural Gas Transmission Co. has been operating the Trans Anatolian Natural Gas Pipeline (TANAP) system since June 30, 2018.

TANAP project envisages transportation of gas from Stage 2 of Azerbaijan’s Shah Deniz field from Georgian-Turkish border to Turkey’s western border. The total cost of TANAP turned out to be lower than $7 billion.

The initial capacity of TANAP is expected to stand at 16 billion cubic meters of gas per year, with possibility of expanding to 31 billion cubic meters per year in the future. Around 6 billion cubic meters of gas will be delivered to Turkey, while the rest of the volume will be supplied to Europe.

The Trans Anatolian Natural Gas Pipeline is almost 100 percent complete.

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Follow the author on Twitter: @Lyaman_Zeyn

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