Azernews.Az

Implementation of the Trans-Anatolian gas pipeline project (TANAP) jointly with Azerbaijan is the most important and strategic step for Turkey in the energy sector, Turkish Foreign Minister Ahmet Davutoglu was quoted by Ihlas news agency as saying on Wednesday.

"Azerbaijan's energy resources and Turkey's geographical location merged in the TANAP project and strengthened our trade capacity," Davutoglu said.

TANAP project envisages construction of a pipeline from Turkey's eastern border to the western border to transport gas from Azerbaijan's offshore Shah Deniz field to Europe. Initial capacity of the pipeline will be 16 billion cubic meters. Some 6 billion cubic meters of the volume will be supplied to Turkey, while the rest will be transported to European markets.

Azerbaijan and Turkey signed an intergovernmental agreement on TANAP implementation in June.

Azerbaijan's state energy firm SOCAR holds 80 percent in the TANAP project, while Turkey's BOTAS has a 20 percent share.

Davutoglu also said most of the foreign investment in Azerbaijan accounts for Turkey. At the same time, Azerbaijan's investments in Turkey have increased by 80 percent in recent years.

Azerbaijani-Turkish trade turnover has increased five-fold over the last five years.

According to Davutoglu, Azerbaijan and Turkey have a very strong relationship, and any crisis in the relationship is out of the question.