Turkey wants to increase its share in TANAP project

Turkey wants to increase its share in TANAP project
# 10 December 2013 10:53 (UTC +04:00)

He said talks are underway between the sides.

“All sides want to increase their shares. Their share can be more than 20%,” he said.

Rovnag Abdullayev said to some extent it can be done at the cost of the present shares of Statoil and Total.

The share of the State Oil Company of Azerbaijan in TANAP project is 80%, Turkey’s share is 20%. Azerbaijan is going to give 12% of its shares to BP, 12% to Statoil and 5% to Total.

The construction of TANAP will be likely started in 2014. Azerbaijan and Turkey have signed relevant intergovernmental agreements on the implementation of the project. The construction will be completed in 2017-2018. The planned capacity of the pipeline will be 16 billion cubic metres of natural gas per year at the initial stage. 6 billion cu m will be sold to Turkey, the rest to Europe.

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