Work on TANAP project on schedule: SOCAR chief
The operations are underway to determine the territory through which the new pipeline will stretch within the Trans-Anatolian gas pipeline (TANAP) project, the head of Azerbaijani state energy firm SOCAR Rovnag Abdullayev said, according to Trend news agency.
He told journalists on Monday that the work is being conducted within the project implementation in accordance with the schedule. After the process of determining the territory is over, operations will begin to ensure the land acquisition process.
"The work is carried out in the normal mode in accordance with the schedule," Abdullayev said.
The TANAP project envisages the construction of a gas pipeline from Turkey's eastern border to the western border to transport gas from Azerbaijan's giant Shah Deniz field in the Caspian Sea to European markets through Turkey.
He said that negotiations are underway with the participants of the consortium developing Shah Deniz gas condensate field (BP, Statoil, Total), which previously expressed interest in participating in the TANAP project.
At present, a 20 per cent share in TANAP belongs to Turkish BOTAS and TPAO, while 80 per cent - SOCAR. According to preliminary data, the partners intend to distribute a 29 per cent share in TANAP as follows: Statoil and BP - 12 per cent each, and Total five per cent.
SOCAR intends to retain 51 percent of the equity in the project. Turkey will keep 20 percent of the equity.
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 link will be around $7 billion. The construction of the pipeline is scheduled to begin in 2014 and finish in 2018.