Soon BP to close legal deal to join TANAP project

BP company to complete legal closure of the agreement to join the trans-Anadolu gas pipeline (TANAP)  at the end of this year and possibly early next year, a source from BP company told Turan’s correspondent.

The same source said that BP and SOCAR have been holding consultations on various issues. “The most important thing that the agreement has been already reached on BP’s presence in this global project and the remaining ones are technical issues,” said the same source.

70% in TANAP project is legally owned by State Oil Company of Azerbaijan (SOCAR) and 30% by the Turkish state company BOTAS.

According to the agreement, BP will join the project with 12% (SOCAR’s share in the project will be reduced to 58%).

This year SOCAR has held the tenders to buy materials and equipment to build the pipelines. It has also selected the managing company for the entire period of construction. The companies to build separate sections of the 1800-km-long gas pipeline will be determined by the end of the year. At the end of March early April 2015 TANAP foundation will be laid. The gas pipeline construction will be completed in early 2018.—0—