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SOCAR, Botas and TPAO establish company for TANAP pipeline

7 November 2012 15:15 (UTC+04:00)
SOCAR, Botas and TPAO establish company for TANAP pipeline

Azerbaijani state oil company SOCAR and the Turkish state companies Botas and TPAO have signed an agreement on shareholders of the Trans-Anatolian gas pipeline project, SOCAR President Rovnag Abdullayev told journalists on Wednesday.

He said in accordance with the signed agreement, TANAP Co was established in Turkey.

Abdullayev said it is planned to complete preparation of the main project on TANAP by 2017.

"The work is speedily underway," he 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.

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