Trans Adriatic Pipeline (TAP) is looking forward to continuing cooperation with TANAP Trans-Anatolian gas pipeline (TANAP) project, TAP reported on its official website.
Managing Director of TAP Kjetil Tungland in his statement congratulated both Azerbaijan and Turkey on ratifying the agreement on TANAP, which are significant steps in realising the Southern Gas Corridor.
"TANAP is a crucial link in the whole of the Southern Gas Corridor value chain and we very much look forward to continuing our excellent cooperation with TANAP, as both our projects continue to mature," Tungland said.
Azerbaijani President Ilham Aliyev on Friday approved the agreement on "The System of the Trans-Anatolian gas pipeline between the Azerbaijani and Turkish governments", signed in Istanbul on June 26, 2012.
The TANAP project envisages the construction of a pipeline from the eastern border of Turkey to the country's western border to supply gas from Azerbaijan's Shah Deniz gas field to Europe through Turkey. The initial capacity of the pipeline is expected to reach 16 billion cubic meters a year. About six billion cubic meters will be delivered to Turkey, and the rest to Europe.
Presently, a 20% share in TANAP belongs to Turkish BOTAS and TPAO, while 80% is owned by the State Oil Company of Azerbaijan (SOCAR). SOCAR intends to retain 51% of the equity in the project. The rest of SOCAR's share will be allocated amongst the "Shah Deniz" project's foreign partners.
TAP project is designed to transport gas from the Caspian region via Greece and Albania and across the Adriatic Sea to southern Italy and further into Western Europe. Gas to be produced within the second phase of Azerbaijani Shah Deniz gas condensate field development is considered as the main source for TAP.
TAP's initial pipeline capacity will be 10 billion cubic metres per year, but is easily expandable to 20 billion cubic metres per year. TAP's shareholders are AXPO of Switzerland (42.5 percent), Norway's Statoil (42.5 percent) and E.ON Ruhrgas of Germany (15 percent)./Trend/