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SOFAZ can partake in financing of TANAP

15 November 2012 13:42 (UTC +04:00)

Baku. Nijat Mustafayev – APA-Economics. SOFAZ can partly finance the share of Azerbaijan in TransAnatolian pipeline project, Executive Director of SOFAZ Shahmar Movsumov said, APA reports.

To him, TANAP is a very huge and at the same time interesting project: ‘The Oil Fund can partially finance a part of SOCAR’s share in this project. If there will occur need for money for implementation of the project, the Fund can also allocate means in the form of loan.

‘The project is very attrahent and we do not think that it will face any problems connected with financing’, noted Movsumov.

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.

Remind that, construction of the TANAP pipeline, which will be built from the Turkish-Georgian border to Turkey's border with Europe, is expected to start at the end of 2013 and the project's first phase is seen ready at the end of 2017 or early 2018. TANAP is set to take some 10 billion cubic metres (bcm) of gas a year from Azerbaijan's Shah Deniz II field to Europe, while Turkey, which aims to cut its dependence on Russian gas, will get 6 bcm. The project is designed to be expandable to 30 bcm and ultimately 60 bcm a year.