TODAY.AZ / Business

TANAP to fund social projects in Turkish province

07 August 2017 [17:27] - TODAY.AZ

By  Trend

The TANAP consortium will allocate 7.6 million Turkish liras for the implementation of social projects in the Turkish province of Ardahan, local media reported on August 7.

These funds will be allocated within the framework of the agreement reached between the TANAP consortium and the administrative department of the Ardahan province on Aug. 4 of this year, according to the report.

The funds will be directed to the restoration of roads in a number of villages and construction of a kindergarten in the Turkish province.

The official exchange rate announced by the Central Bank of Turkey on Aug. 7 is 3.5350 TRY/USD.

TANAP project envisages transportation of gas from Azerbaijan's Shah Deniz field to the western borders of Turkey. The gas will be delivered to Turkey in 2018 and after completion of the Trans Adriatic Pipeline's construction natural gas will be delivered to Europe in early 2020.

The length of TANAP is 1,850 kilometers, with an initial capacity of 16 billion cubic meters of gas. Around six billion cubic meters of this gas is meant to be delivered to Turkey, with the remaining volume to be supplied to Europe.

TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).


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