Azernews.Az

By Aynur Jafarova

The Trans Anatolian Pipeline (TANAP) project is the silk way of the energy sector, Cihan Agency quoted Head of SOCAR Turkey Enerji, a board member of Petkim Petrochemical Holding Kenan Yavuz said on Tuesday.

Yavuz believes that the TANAP project is a revolution in the energy history of Azerbaijan and Turkey.

The TANAP project envisages construction of a pipeline from the eastern border of Turkey to the country's western border to supply gas from Azerbaijan's Shah Deniz field in the Caspian Sea to Europe through Turkey. Initial capacity of the pipeline is expected to be 16 billion cubic meters per year. Around 6 billion cubic meters will be delivered to Turkey, while the rest will be transported to Europe.

Earlier, Yavuz said that the cost of the TANAP project will amount $10 billion.

It is expected that the first construction work within the TANAP project will begin in 2014 and the first deliveries of Azerbaijani gas to Turkey in 2017.

Presently, a 20 percent share in TANAP is held by Turkish BOTAS and TPAO, while 80 percent is owned by Azerbaijan's state energy firm SOCAR. SOCAR intends to retain 51 percent of equity in the project. The remaining 29 percent of the state oil company's share will be distributed among the foreign partners of the Shah Deniz project as follows: Statoil and BP will acquire 12 percent each and Total 5 percent. Turkey will keep its 20 percent.