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03.05.2016 17:06

SOCAR: TANAP faces no financial difficulties

There is no financial obstacle to developing the Trans Anatolian Pipeline project and the length of produced pipes for TANAP stood at 1088 km as of April 25.

Vagif Aliev, head of SOCAR Investments Department announced about this while talking to NGE.

Despite the low oil price and the need for foreign loans, the development of TANAP continues to follow the projected schedule, he said.

TANAP designed to transport Azerbaijani gas to the European markets as part of the Southern Gas Corridor will receive $2.7 billion from the World Bank as well as the European Investment Bank to get implemented.

The funding will be used by Turkeys pipeline monopoly Botas, which holds 30 percent interest in TANAP and will itself invest $780mn in the project.

TAP's initial capacity will be 10 billion cubic meters of gas a year but this volume will be expandable in future.

SOCAR owns 58 percent stake in TANAP project while Botas and BP have 30 and 12 percent stakes respectively.

The total cost of the gas line line is expected to stand at $8.4 billion. The project aims to deliver initially 16bn m3/yr of Azerbaijans Shah Deniz-2 (SD2) gas to Turkey and Europe by 2021. The total cost of the project, including the development of SD2, is about $45 billion.

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