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SOCAR chooses advisor for TANAP funding

02 June 2015 11:02 (UTC +04:00)

Baku. Agshin Rafigoglu - APA-Economics. State Oil Company of Azerbaijan chooses an advisor for involving funds in Tans-Anatolian Pipeline (TANAP), Vagif Aliyev, head of SOCAR Investments Department said.

According to him, after selection, existing and available financial sources will be researched: “Involvement of an advisor is a long process and can take a long time. It requires time and hard work”.

He noted that volume of the funds to be involved in TANAP will be defined after discussions with Azerbaijani government, SOCAR and partners.

First gas transportation via TANAP is planned to be carried out in 2018. The 1,850 km pipeline will deliver 10 bcm to Europe once it is connected to the Trans Adriatic Pipeline (TAP) by 2020. By 2023, TANAP's capacity will rise to 23 bcm per year and then to 31 bcm by 2026.

The construction of the Trans Anadolu Gas Pipeline (TANAP) has been estimated to cost $10-$11 billion,

TANAP shareholders: The Southern Gas Corridor (58%), BOTAS (30%), BP (12%).