Azerbaijan’s SOCAR reveals investment volume in TANAP project

As of May 2016, $2.091 billion have been invested in the Trans Anatolian Gas Pipeline (TANAP) construction project, which is a part of the Southern Gas Corridor, said Vagif Aliyev, head of investments division at Azerbaijan’s state oil company SOCAR.

He made the remarks at a meeting with representatives of NGOs in Baku.

Aliyev said capital expenditures for the pipeline are expected at the level of $9.2 billion.

“The part of the pipeline running until Eskisehir [in Turkey] will be completed in mid-2018, and another part running until the Greek border will be commissioned in 2019,” he added.

As of May 2016, the project has been implemented by 26.3 percent, noted Aliyev, adding that 1,166-kilometer pipes were produced, 929 kilometers of which were delivered to the construction site.

TANAP project envisages transporting gas from Azerbaijan’s Shah Deniz field from the Georgian-Turkish border to the western border of Turkey.

The gas will reach Turkey in 2018, and after the completion of the TAP construction, the gas will reach Europe around early 2020.

Currently, the shareholders of TANAP are SOCAR (State Oil Company of Azerbaijan) – 58 percent, Botas – 30 percent and BP – 12 percent.

Source: Trend