Major events in Caspian countries' oil and gas industry for last week (July 17-21)

Analysis Materials 24 July 2017 15:20

First batch of natural gas to be delivered to Turkey via TANAP in 1H18

The construction of the Trans Anatolian Natural Gas Pipeline (TANAP) has been completed by 77.3 percent, said Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR, in an interview with the Anadolu Agency.

According to him, TANAP is an important project for Azerbaijan, Turkey and Europe in terms of ensuring the energy security.

Abdullayev noted that TANAP’s construction continues at an accelerated pace.

The first batch of natural gas will be delivered via TANAP to Turkey in the first half of 2018, said SOCAR president.

TANAP project envisages transportation of gas from Azerbaijan's Shah Deniz field to the western borders of Turkey. The gas will be delivered to Turkey in 2018 and after completion of the Trans Adriatic Pipeline's construction the gas will be delivered to Europe in early 2020.

MoU signed on Vertical Gas Corridor project

Greek, Bulgarian, Romanian and Hungarian gas transmission companies DESFA, Bulgartransgaz, Transgaz and FGSZ and ICGB AD consortium, the contractor for the Greece-Bulgarian Interconnector (IGB) pipeline project, signed a memorandum of understanding on the Vertical Gas Corridor project, DESFA said in a message.

"The full activation of the Vertical Corridor will give the entire region an opportunity to significantly benefit from diversified natural gas import that Greece has and which will soon be further increased, via an upgrade of the LNG Terminal in Revythousa and the Caspian Sea gas that will be transported by the TAP pipeline which is under construction," DESFA said.

DESFA President and CEO Sotirios Nikas noted that this memorandum serves the country's energy strategy and one of DESFA's most important company goals: to activate a Vertical Corridor for moving natural gas from Greece up to Ukraine and vice-versa, a development that will contribute decisively to making Greece a regional natural gas hub and a factor reinforcing supply security in the surrounding region.

IGB is a gas pipeline, which will allow Bulgaria to receive Azerbaijani gas, in particular, the gas produced from Azerbaijan's Shah Deniz 2 gas and condensate field. IGB is expected to be connected to the Trans Adriatic Pipeline (TAP) via which gas from the Shah Deniz field will be delivered to the European markets.