Turkey to increase TANAP stake

According to the State Oil Company of Azerbaijan Republic (SOCAR), Turkey is expected to increase its 20% stake in the Trans-Anatolian natural gas pipeline project (TANAP).

Head of SOCAR, Rovnag Abdullayev said that turkey's state would be increased through shares offered to Statoil and Total. "The issue of how much Turkey's stake will be increased is under discussion now with other members of the consortium," Abdullayev said.

At present, a 20% share in TANAP belongs to Turkey, while 80% is owned by Azerbaijan. Earlier this month, SOCAR partners on the Shah Deniz gas field development project voiced their intentions to acquire a stake in the project. According to the primary data, the partners intend to distribute a 29% share in TANAP; Statoil and BP will receive 12% each and Total would get 5%.

Earlier this week, Abdullayev also said a final investment decision on Shah Deniz II would be made on 17th December, when members of the consortium and its partners will sign 39 documents.

SOCAR and its partners in Shah Deniz selected the Trans Adriatic Pipeline (TAP) earlier this year, which will connect with TANAP at Turkey's border to carry to Azeri gas to Europe.

Edited from various sources by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/13122013/turkey_to_increase_tanap_stake/