BP’s share in the project will be 12 percent following the transaction. Birrell expressed the hope that this process will complete by late 2014.
The TANAP project envisages gas transportation from Azerbaijan’s Shah Deniz field to Europe via Turkey.
The initial capacity of TANAP is expected to reach 16 billion cubic meters of gas per year.
Around six billion cubic meters of the total volume of gas to be produced as part of the Stage 2 of development of the Shah Deniz field will be delivered to Turkey and 10 billion cubic meters to Europe per year. In the future, the pipeline may be expanded up to 31 billion cubic meters a year.
Plans are to commission the TANAP pipeline in 2018. The project cost is estimated at $11,8 billion.
Contracts for the supply of pipes for the construction of TANAP were signed in Turkey’s Ankara city on Oct.14 with six Turkish companies and one Chinese company.
Turkey’s Mannesmann-Noksel-Erciyas and Umran-Emek consortiums, Toscelik Profil ve Sac Endustrisi company, as well as a Chinese contractor Baosteel Europe won the tender for the supply of pipes for the TANAP project.
All the companies which will participate in the construction and supply of the TANAP project in Turkey are exempt from VAT.