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BSTDB to help SOCAR get TANAP share

BSTDB to help SOCAR get TANAP share

Berat Albayrak: TANAP to be completed by 55 percent until year-end (09 November 2016 12:46)

Date: 14 January 2016 12:57

Baku, Azerbaijan, Jan. 14

By Maksim Tsurkov – Trend:

Black Sea Trade and Development Bank (BSTDB) is considering providing support for SOCAR Turkey Enerji on issue to purchase a share of seven percent in the Trans-Anatolian Gas Pipeline (TANAP), the bank's website reported Jan. 14.

The bank is also considering the possibility of restructuring of the company’s existing debt. The decision of the Board of Directors is expected to be made in a month.

SOCAR Turkey Enerji can purchase the planned seven percent from the State Oil Company of Azerbaijan (SOCAR), which owns the share of 58 percent in TANAP. The entire TANAP project is estimated at $10 billion.

TANAP project envisages transportation of gas of Azerbaijan’s Shah Deniz field from Georgian-Turkish border to the western borders of Turkey.

The initial capacity of TANAP pipeline is expected to reach 16 billion cubic meters of gas per year. Around six billion cubic meters of this gas will be delivered to Turkey and the remaining volume will be supplied to Europe.

Currently, the shareholders of TANAP are: the State Oil Company of Azerbaijan (SOCAR) – 58 percent, Botas – 30 percent and BP – 12 percent.

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Follow the author on Twitter: @MaksimTsurkov

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Tags:  BSTDB to help SOCAR get TANAP share


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