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29.08.2015 14:26

SOCAR decides to sell 7% shares in TANAP project

SOCAR Turkiye Enerji, daughter company of State Oil Company of Azerbaijan (SOCAR), will become a new shareholder of the Trans Anadolu Pipeline (TANAP), Kenan Yavuz, President of SOCAR Turkiye Enerji, told a group of Azerbaijani journalists at the meeting in Istanbul.

SOCAR Turkiye Enerji plans to buy 7% share in TANAP project and will become a shareholder of the project, he added.

As soon as the deal is closed, SOCARs share in TANAP will go down by 51% and it will maintain the bloc of shares in the gas pipeline project.

He also said that if SOCAR Turkiye Enerji buys 7% share in TANAP project, then the US Goldman Sachs Investment Fund will also become an indirect project partner, because it owns 13% shares in SOCAR Turkiye Enerji.

TANAP is used to transport Azerbaijani gas from the Shah Deniz Phase 2 field from the Georgian-Turkish border to the western borders of Turkey. The carrying capacity of the gas pipeline will be as minimum 16 billion cub.m, of which 10 billion cub.m. will be exported to Europe and 6 billion cub.m. to the western regions of Turkey.

According to SOCARs estimates, in 2023 capacity of the pipeline will be increased up to 23 billion cub.m. and in 2026 up to 31 billion cub.m. As soon as TANAP is expanded, gas extracted on other fields in Azerbaijan and gas from other countries will be the source from TANAP.

The cost of TANAP is estimated at $12 billion. At present 30% share in TANAP is owned by Turkish BOTAS, 58% by SOCAR and 12% by BP.

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