Hurriyet - The Trans-Anatolian Pipeline (TANAP), linking Azeri gas fields and European customers, came one step closer to reality with the signing of the intergovernmental agreement between Turkey and Azerbaijan yesterday. The USD 7 billion project will deliver natural gas from Azerbaijan’s Shah Deniz 2 gas field to Turkey and beyond over a 2,000 km-long pipeline.

TANAP will carry approximately 16 billion cubic meters (bcm) of gas, of which 6 bcm will reach Turkey’s domestic market, while the rest will be destined for Europe. TANAP will be 80 percent owned by Azeri state firm Socar and 20 percent by Turkey's Botas.

Turkey’s Prime Minister Recep Tayyip Erdogan and Azeri President Ilham Aliyev signed the agreement officially launching the project, accompanied by the energy ministers of both countries. The construction of the pipeline is slated to start in 2013, with the first phase planned to be commissioned in 2016. The project will be open to expansion and international participation in its second phase.