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Azerbaijani Parliament ratifies two agreements on TANAP project

20 November 2012 10:06 (UTC +04:00)

The Parliament has considered the issue on ratification of Agreement between Azerbaijan and Turkey on the Sale of Natural Gas to Turkey, and Development of a Pipeline for its Transit and Transportation on the Turkish Territory, APA reports.

The document has been put to voting and passed. So, the Agreement signed on October 25 2011, in Izmir city, has been ratified. Besides, the issue on ratification of the Agreement on TransAnatolian natural gas pipeline system between Azerbaijan and Turkey, signed on June 26 2012, in Istanbul , has also been put up for discussion and passed at the Parliament.

Remind that, on June 26, 2012, Azerbaijan and Turkey signed agreement on TANAP project in Istanbul. Realization of TransAnatolian pipeline project will cost $7 bn. The diameter of the pipeline has been considered at 56 inches or 1.4 meters. The project will be implemented in 4 stages. The first stage will be completed in 2018. Its capacity of the pipeline will be hit 16 bn cbm in 2020; 23 bn cbm in 2020; 31 bn cbm in 2026. During the first period, 10 bn cbm of Azeri gas will be sold to Europe, 6 bn cbm – to Turkey. The gas, considered for Europe, will be handed over on Turkish-Bulgarian or Turkish-Greek border.

Note that, SOCAR owns 80%, BOTAS and TPAO 20% share in TANAP project. SOCAR intends to distribute a 29 per cent share in TANAP as follows: Statoil and BP - 12 per cent, Total - five per cent.