Yesterday in Istanbul the documents on construction of the Trans-Anatolian gas pipeline (TANAP) was signed in presence of Turkish Premier Rajap Tayyip Erdogan and Azerbaijani President Ilham Aliyev.
The intergovernmental agreement on TANAP was signed by Turkish Minister of Energy and Natural Resources Taner Yildiz and Azerbaijani Minister of Industry and Energy Natig Aliyev.
Rajap Tayyip Erdogan and Ilham Aliyev have put their signatures as witnesses.
Turkish Minister of Energy and Natural Resources Taner Yildiz and Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), have signed the agreement between the Turkish government and Trans Anadolu Dogalgaz Boru Hatti Sirketi company on consent of the receiving country.
SOCAR President Rovnag Abdullayev and Mehmet Konuk, Deputy General Manager of Turkish state BOTAS pipeline company, have signed the memorandum on mutual understanding on TANAP.
Azerbaijani President Ilham Aliyev was on a one-day visit to Istanbul, where he attended the jubilee summit of the Organization of the Black Sea Economic Cooperation.
After the signing ceremony Premier Erdogan said "the TANAP project will deepen strategic relationships between our countries and the connection between Azerbaijan and Europe will be established via Turkey." He is confident that TANAP project will contribute to safety of the European energy supply.
* Construction of the new gas pipeline, which will transport Azerbaijani gas to Europe, was first announced on October 27, 2011. The project was initiated by SOCAR. The memorandum on TANAP was signed on December 29, 2011. That it was it was agreed that SOCAR will have 80% share in the pipeline consortium and Turkish BOTAS and TPAO companies - 10% each.
** The gas pipeline construction will begin in the second half of 2014 and end in quarter 4, 2017. The pipeline length is 1880 km. The initial carrying capacity of the pipeline is 16 billion cub.m. with the possibility of expanding up to 32 billion cub.m. The pipeline is designed in a way to carry 20 billion cub.m. of Azerbaijani gas a year to the European markets. About 12 billion cub.m. of gas will be supplied to the Turkish local market. The initial cost of the pipeline is $8 billion. The detailed feasibility study of the pipeline will be ready only by quarter 4, 2013.-0--
Economics
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