Minister: Azerbaijan is ready to cede part of its TANAP stake
Azerbaijan is ready to cede part of its stake in the planned Trans-Anatolian gas pipeline (TANAP) to Turkey, if the latter is willing to fund its stake, Azerbaijani Energy Minister Natig Aliyev said Monday.
He said that initially equity in a new pipeline project to transport natural gas from the eastern border of Turkey to the western part was distributed under the scheme of 80 to 20 percent. The larger stake is owned by the Azerbaijani state oil company Socar and the smaller one - by the Turkish Botas state gas pipeline company.
Earlier, Turkey announced the possibility of increasing its stake in the project. The distribution of equity in TANAP between other parties seeking to participate in it has always been on the agenda. In particular, negotiations have been conducted with the shareholders of the project on developing Shah Deniz gas field in Azerbaijan, which is a source of gas for the TANAP pipeline.
The initial capacity of the TANAP pipeline is expected to be 16 billion cubic meters per year. Some 6 billion cubic meters of the volume will be allocated to Turkey, while the rest will be transported to Europe.
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