Economy, News

EU to strengthen support for Turkey in realizing TANAP

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The European Union will increase support to Turkey in realization of the project for building the Trans Anatolian Natural Gas Pipeline (TANAP), the European Commission Vice-President for Energy Union Maros Sefcovic said.

He made the remarks Apr. 20 in an interview with Turkish Anadolu Agency.

Sefcovic said Turkey is a partner of the EU in the energy sector, adding that TANAP is an important project.

Speaking of the Turkish Stream, Sefcovic stressed that this project must comply with the EU legislation.

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

TANAP’s initial capacity is expected to reach 16 billion cubic meters of gas per year. Around six billion cubic meters of this gas will be delivered to Turkey and the rest to Europe.

Turkey will receive gas in 2018. The gas will be supplied to Europe in early 2020 after the Trans Adriatic Pipeline (TAP) is constructed.

BP and the TANAP consortium signed March 13 a shareholder agreement, according to which BP will become one of the shareholders of TANAP. The agreement is one of the main documents for BP’s ownership of a stake in the TANAP project.

Following the completion of a legal implementation procedure, TANAP’s shareholders list will be as follows: SOCAR – 58 percent, Botas – 30 percent and BP – 12 percent.

The project’s cost is estimated at $10-$11 billion.

Resource: TREND News Agency, April 20, 2015

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