President of Azerbaijan Ilham Aliyev has today approved an agreement on Trans-Anatolian Natural Gas Pipeline Project (TANAP) between Azerbaijan and Turkey.
The document was signed on June 26, 2012 in Istanbul. The construction of TANAP is planned to start in 2013 and to be completed by 2017-2018.
The planned capacity of the pipeline would be 16 billion cubic metres of natural gas per year at the initial stage and would be increased later up to 23 billion cubic metres by 2023, and 31 billion cubic metres by 2026.
The State Oil Company of Azerbaijan SOCAR (80%), Turkey (20%) are the founding members of the consortium./AzerTAc/