TANAP important not only for Turkey – president

The Trans-Anatolian gas pipeline (TANAP) project is important not only for Turkey, the whole region, but also for Europe, Turkish President Recep Tayyip Erdogan said.

He made the remarks during the Global Energy Forum in Istanbul.

The president added that Turkey will develop energy projects in the future as well, TRT Haber TV channel reported May 25.

“Turkey has become an energy hub in recent years,” said Erdogan.

The 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 of the volume to Europe. Turkey will obtain 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. (Trend.az)