Azerbaijan - Turkey entered into the $7 Billion Trans-Anatolian Gas Pipeline Landmark Deal
On 26 June, Mr Natiq Aliyev, Azerbaijani Minister of Industry and Energy, and Mr Taner Yildiz, Turkish Energy Minister, signed a deal upon which Azerbaijan should be building the $7 billion Trans-Anatolian natural gas pipeline (TANAP) to carry Azerbaijani gas to European markets.
Mr Ilham Aliyev, Azerbaijani President, has mentioned that “the fraternity and friendship between the two countries is what makes these projects a reality”. Azerbaijan has about 2.6 billion cubic meters (bcm) of natural gas reserves, which will be enough to supply gas for the TANAP pipeline for almost 100 years, he added.
Mr Recep Tayyip Erdogan, Turkish Prime Minister, has highlighted that “Turkey firmly supports the southern natural gas corridor projects that envisage transferring natural gas from the Caspian basin and Central Asia to Europe via alternative routes, in order to provide our own energy supply security and to contribute to the energy supply security of Europe. Realizing the southern natural gas corridor is also important for Azerbaijan to carry its natural gas reserves to Europe in a safe way”.
This project is about transferring the natural gas extracted from the second phase of Azerbaijan’s Shah Deniz field to Europe, Erdoрan said in an earlier parliamentary address. Earlier in December, Azerbaijan and Turkey signed a preliminary agreement on building TANAP to carry 10 billion bcm of Azerbaijani gas to European consumers per year, plus 6.0 bcm for itself.
This Istanbul deal enabled the $7 billion project to take a step closer to becoming a reality in the nearest six years. Perhaps, it will also give a way out for Turkmenistan to ship gas to this project as well. Azerbaijan, in the person of a state oil company SOCAR, will be holding 80 percent of the shares and Turkey, represented by the state-run pipeliner BOTAS and petroleum corporation TPAO, the remaining 20 percent of the shares.
Mr Ilham Aliyev, Azerbaijani President, has mentioned that “the fraternity and friendship between the two countries is what makes these projects a reality”. Azerbaijan has about 2.6 billion cubic meters (bcm) of natural gas reserves, which will be enough to supply gas for the TANAP pipeline for almost 100 years, he added.
Mr Recep Tayyip Erdogan, Turkish Prime Minister, has highlighted that “Turkey firmly supports the southern natural gas corridor projects that envisage transferring natural gas from the Caspian basin and Central Asia to Europe via alternative routes, in order to provide our own energy supply security and to contribute to the energy supply security of Europe. Realizing the southern natural gas corridor is also important for Azerbaijan to carry its natural gas reserves to Europe in a safe way”.
This project is about transferring the natural gas extracted from the second phase of Azerbaijan’s Shah Deniz field to Europe, Erdoрan said in an earlier parliamentary address. Earlier in December, Azerbaijan and Turkey signed a preliminary agreement on building TANAP to carry 10 billion bcm of Azerbaijani gas to European consumers per year, plus 6.0 bcm for itself.
This Istanbul deal enabled the $7 billion project to take a step closer to becoming a reality in the nearest six years. Perhaps, it will also give a way out for Turkmenistan to ship gas to this project as well. Azerbaijan, in the person of a state oil company SOCAR, will be holding 80 percent of the shares and Turkey, represented by the state-run pipeliner BOTAS and petroleum corporation TPAO, the remaining 20 percent of the shares.