In 2014 Azerbaijan will spend over $1 billion for construction of the trans-Anadolu (TANAP) gas pipeline, Shakhmar Movsumov, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ), said yesterday during discussion of the draft of state budget for fiscal year 2014 by the parliamentary committees.
“In 2014 SOFAZ will spend 800 million AZN to fund Azerbaijan’s share in the TANAP construction and 223 million AZN will be allocated from the Fund’s budget to fund share (40%) in construction of Star oil refinery in Turkey in 2014,” Movsumov said.
TANAP will be used to transport Azerbaijani gas from the Shah-Deniz field Phase 2 from the Georgian-Turkish border to the Turkish-Greek border. The initial carrying capacity of the gas pipeline will be 16 billion cub.m., of which 10 billion cub.m. will be exported to Europe and 6 billion cub.m. to the western regions of Turkey. TANAP cost is estimated at $12 billion.
20% in TANAP is owned by Turkish BOTAS and TPAO and 80% by SOCAR. SOCAR is going to preserve 51% shares and offer the remaining 29% to BP (12%), Statoil (12%) and Total (5%).—0—
Economics
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