Yeni Safak – Turkey’s share in the strategic Trans-Anatolian Natural Gas Pipeline Project (TANAP), slated to carry Azeri gas to Turkey and European markets, is to rise to 30 percent, according to the head of SOCAR, Azerbaijan’s state oil company and the main stakeholder of the multi-billion dollar project.
“Turkey will have 30 percent share in TANAP from its current 20 percent.”, SOCAR President Rovnag Abdullayev said in statement to a TV channel, following the Turkish side’s request of raised shares.
Originally holding 20 percent stakes, Turkey had requested increased shares in the project during Energy Minister Taner Yildiz’s visit to Azerbaijan to attend the signing ceremony of the final investment decision to develop the Shah Deniz gas field in the Caspian Sea, the main source to feed TANAP. SOCAR currently has an 80 percent interest.
French oil company Total and Norwegian Statoil have reportedly opted out despite initially agreeing to acquire a total 20 percent stakes of the project. British oil giant BP remains partner to TANAP, having agreed to acquire 12 percent shares from SOCAR.
With its construction set to start in 2014, the pipeline will span across Turkey, from the Azeri border in the east to the Greek border to the west, carrying 16 billion cubic meters of gas by 2018. TANAP will link with the Trans-Adriatic Pipeline (TAP) to carry gas to European customers.
In addition to having a growing domestic energy market, Turkey’s location right next to hydrocarbon rich countries gives the country a hub status in transportation of oil and gas to the world markets.