Azernews.Az

The Turkish Cabinet of Ministers has ratified the agreement on cooperation signed earlier with the Trans-Anatolian gas pipeline consortium - the Trans Anatolian Gas Pipeline Company BV, the official body of the Turkish government, Resmi Gazete, said on Tuesday.

According to the report, the agreement on the TANAP construction signed between the Turkish and Azerbaijani governments was also ratified.

TANAP project envisages construction of the pipeline from the eastern border of Turkey to the country's western border to supply gas from Azerbaijani Shah Deniz gas field to Europe through Turkey. The initial capacity of the pipeline is expected to reach 16 billion cubic meters a year. About six billion cubic meters will be delivered to Turkey, and the rest - to Europe.

Presently, a 20-percent share in TANAP belongs to Turkish BOTAS and TPAO, while 80 percent is owned by the State Oil Company of Azerbaijan (SOCAR). SOCAR intends to retain 51 percent of the equity in the project. Turkey will keep 20 percent of the equity.

SOCAR partners on Shah Deniz development project presented their preliminary intentions to acquire a stake in the TANAP project. According to preliminary data, the partners intend to distribute a 29 per cent share in TANAP as follows: Statoil and BP are to receive 12 per cent each and Total would get five per cent.