TANAP headquarters to be based in Netherlands
Trans-Anatolian gas pipeline (TANAP) will strengthen Turkey's position for joining the European Union, Hurriyet newspaper cited the report of Gyulmira Rzayeva, employee of the Department of Economic Analysis and Globalization of the Centre for Strategic Studies under the presidential administration,
Rzayeva's report "All Actors To Follow Rules of Azerbaijan and Turkey" reads that Turkey will get political benefits from the project implementation, which it will be able to use at the talks with EU.
"After TANAP implementation Turkey's position in the region will be absolutely different," reads Rzayeva's report. She believes that TANAP project shows that Azerbaijan and Turkey do not want to be dependent only on one European pipeline Nabucco. TANAP could connect to any route to export gas to Europe.
Rzayeva believes that role of State Oil Company of Azerbaijan (SOCAR) as the project operator is very important. She said that gas export via TANAP could be increased at the expense of new fields.
"By 2025 Azerbaijan will increase natural gas production up to 50-55 billion cub.m. 20-25 billion cub.m. of this volume is planned to be exported," Rzayeva believes.
She added that Russia and Iran are not interested in the project implementation. "Turkey pays $400 per 1000 cub.m. of Russian gas and after signing of the TANAP agreement Iran has increased gas price from $505 to $585, which will cost Ankara additional $800 million," the report reads.
Rzayeva said that the headquarters of TANAP consortium will be based in Netherlands, which is a neutral country.
She added that talks on partnership of BP and Norwegian Statoil company in TANAP project continue. Rzayeva also said that TPAO will have 15% in the project and BOTAS - 5%. Botas will be in charge of transportation of 6 billion cub.m. of gas a year via the pipeline for Turkey's domestic needs.-0-
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