SOCAR says TANAP runs ahead of schedule
Financing of the Trans-Anatolian Gas Pipeline is carried out at a normal pace, said Rovnag Abdullayev, the president of Azerbaijan’s energy giant SOCAR.
He said partners of SOCAR on the project, BOTAS and BP, have already begun funding within the framework of their share.
“TANAP is being implemented even ahead of schedule,” he said, noting that the Azerbaijani gas will reach Turkey in the second half of 2018.
TANAP project envisages the transportation of gas of Azerbaijan’s Shah Deniz field from the Georgian-Turkish border to the western borders of Turkey. TANAP’s initial capacity is expected to reach 16 billion cubic meters of gas per year.
Around six billion cubic meters of this gas will be delivered to Turkey and the rest of the volume to Europe. Turkey will obtain gas in 2018. The gas will be supplied to Europe in early 2020 after the Trans Adriatic Pipeline (TAP) is constructed. The project’s cost is estimated at $10-$11 billion.
BP and the TANAP consortium signed March 13 a shareholder agreement, according to which BP will become one of the shareholders of TANAP. The agreement is one of the main documents for BP’s ownership of a stake in the TANAP project.
Following the completion of a legal implementation procedure, TANAP’s shareholders list will be as follows: SOCAR – 58 percent, Botas – 30 percent and BP – 12 percent.
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