Aliyev approves TANAP agreement
Azerbaijani President Ilham Aliyev has approved the law on ratification of the agreement between the Azerbaijani and Turkish governments to sell the natural gas to Turkey, transit natural gas from Azerbaijan through Turkey and construct an independent pipeline to transport natural gas through Turkey.
The agreement was signed in the city of Izmir on October 25, 2011.
The construction of a gas pipeline from Turkey's eastern border to the western border to transport gas from Azerbaijan's offshore Shah Deniz field to Europe through Turkey is envisaged by the Trans-Anatolian gas pipeline (TANAP) project.
The Azerbaijani parliament last week ratified the agreement on the construction of the TANAP pipeline between the governments of Azerbaijan and Turkey.
Initial capacity of TANAP is expected to be 16 billion cubic meters a year. Around 6 billion cubic meters will be delivered to Turkey, while the rest will be transported to Europe.
According to preliminary estimates, the cost of the gas pipeline will be around $7 billion. The construction of the pipeline is scheduled to begin in 2014 and finish in 2018.
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