SOCAR sells part of its share in the project TANAP

SOCAR has sold a part of its share in the Trans-Anatolian Gas Pipeline (TANAP) to the Turkish state pipeline company BOTAS.

According to ther Turkish media, the Minister of Energy Natig Aliyev and his Turkish counterpart Taner Yildiz signed an agreement to increase the share of Turkey in TANAP to 30 percent in Istanbul on May 30.

We note that in the company TANAP A.S. the BOTAS share is 20 percent. SOCAR is the project operator with equity participation of 68 percent. Another 12 percent is owned by Britain's BP, which is the technical operator of Shah -Deniz.

The TANAP project envisages transporting gas from Shah Deniz through Turkey to the border with Europe.

The initial capacity of the pipeline is expected to be 16 billion cubic meters per year. About six billion cubic meters will be delivered to Turkey and the rest will go to Europe. In the future, the pipeline can be expanded up to 31 billion cubic meters per year.

The TANAP shareholders plan in the second quarter of 2014 to lay the foundation of the pipeline and in 2018 – to put it into operation. The initial cost of the project is estimated at $ 11.7 billion. -12B-

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