State Oil Fund of Azerbaijan considers investing in TANAP

The State Oil Fund of Azerbaijan (SOFAZ) considers possibility of becoming one of the investors of construction of Trans-Anatolian gas pipeline (TANAP), SOFAZ head Shahmar Movsumov said at a press conference on Monday on the results of activity in the first half-year.

He said TANAP is an important strategic project of regional character equally with the Baku-Tbilisi-Ceyhan oil pipeline.

"Azerbaijani government is ready to make every effort to facilitate implementation of this project, and in particular the possibility of investing funds from the State Oil Fund of Azerbaijan in this project," Movsumov said.

On June 26, Azerbaijan and Turkey signed an intergovernmental agreement on implementation of the Trans-Anatolian gas pipeline (TANAP) project.

In December 2011, Azerbaijan and Turkey signed a memorandum of understanding to establish the consortium that will build a gas pipeline to supply gas from the Shah Deniz gas field to Europe through Turkey. BOTAS has a 20 per cent stake in TANAP, while SOCAR holds 80 per cent in the project.

The initial capacity of the pipeline will be 16 billion cubic meters. About six billion cubic meters of the volume will be supplied to Turkey, while the rest will be transported to Europe.


/Trend/