Industry and Energy

Home page

Industry and Energy

BP becomes TANAP shareholder

13 March 2015 11:38 (UTC +04:00)

Details of the agreement are still unknown.

APA-Economics earlier reported that BOTAS and BP Pipelines have appealed to Turkish Antimonopoly Committee to buy the shares in the Trans-Anatolian pipeline construction consortium

The Turkish Antimonopoly Committee reports that BOTAS intends to acquire a 30-percent share in TANAP, while BP Pipelines seeks to purchase a 12-percent share of Gas Corridor Closed Joint Stock Company in the TANAP consortium.

The Shah Deniz Stage 2 costs $28 bln. It is expected to add a further 16 billion cubic meters per year (BCMA) of gas production, including 10 bcm will be transported to Europe, 6 bcm to western regions of Turkey. Transportation of Azerbaijani gas to Europe will start in 2019.

The pipeline is expected to cost US$10-11 billion. The planned capacity of the pipeline would be 16 billion cubic metres (570 billion cubic feet) of natural gas per year at initial stage.

The construction is planned to start in 2015 [6] and to be completed by 2018. The TANAP will be operated by SOCAR, which currently holds 58% stake in the project. Turkey's pipeline operator BOTAÅž own 30%, while BP committed to acquire 12% in the project,