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-
-
- Economics
- 31 May 2014 12:39
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review