SOCAR completes deal to acquire stake in TANAP

By  Trend

SOCAR Turkey Enerji AS, a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, became the owner of a 7 percent stake in the Trans Anatolian Natural Gas Pipeline (TANAP) project, Saltuk Duzyol, head of the TANAP Consortium, said at a press conference in Turkey’s Eskisehir city April 17.

The corresponding deal was completed at the end of March 2018.

Thus, the share distribution of TANAP shareholders is as follows: Southern Gas Corridor CJSC - 51 percent, SOCAR Turkey Enerji - 7 percent, Botas - 30 percent, BP - 12 percent.

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 the 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.