State Oil Fund of Azerbaijan (SOFAR) will take part in the shareholding capital of the consortium for construction and operation of the Trans-Anadolu Pipeline (TANAP).
Fineko portal reported citing Shakhmar Movsumov, SOFAR Executive Director, that participation of the Fund in the TANAP shareholding capital is under discussion now, but the Fund's involvement in the crediting part of the project is not the subject of discussion yet.
"The volume of SOFAR's participation in TANAP capital has not been agreed yet. As soon as the consortium is established, TANAP shareholders will start discussion of attraction of money to cover the remaining part of the project funding. SOFAR can cover the deficient amount at the expense of the loans of international banks, but I do not think it will happen. TANAP is an efficient and profitable project and we will not have problems with attracting of money," Movsumov said.
The shareholding capital will cover 30% cost of TANAP construction and 70% of funds will be borrowed.
Today the TANAP shareholders are State Oil Company of Azerbaijan (SOCAR), which holds 80% and Turkish BOTAS and TPAO state companies with 10% each. SOCAR company announced that it plans to provide the third parties 29% share in the project. SOCAR President recently said that three companies would like to buy 29% share of SOCAR in TANAP - BP and Statoil 12% each and Total 5%.
* Construction of 1790-km-long TANAP pipeline with initial carrying capacity of 16 billion cub.m. of gas a year will start in early 2014. According to preliminary information, investments worth 8 billion Euro will be needed for its construction.-0--
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