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Tuesday, November 21, 2017

SOCAR to start funding TANAP shares Wednesday

The State Oil Company of Azerbaijan Republic (SOCAR) will begin funding its shares of the Trans Anatolin Natural Gas Pipeline (TANAP) on Wednesday. 

The 831-mile pipeline is expected to have a capacity of 565 billion cubic feet per year, and 21 billion of that will be sent to Turkey beginning in 2018. The remaining amount will be utilized by Europe in 2020 through the Trans Adriatic Pipeline.

The three companies building the pipeline are Sicim-Yuksel-Akkord Adi Ortakligi, Tefken Insaat ve Tesisat A.S. and Fernas Insaat A.S.

"The three companies will build a section of the pipeline up to the city of Eskisehir [Turkey]," SOCAR President Rovnag Abdullayev said. "Then, in late 2015 – early 2016, we will complete the tender for the construction of TANAP's remaining section of 48 inches diameter. We decided to hold [the tender] later, as the first gas to go via the gas pipeline, will be received by Turkey in the city of Eskisehir."