TANAP completed by 94pct
WSOCAR Turkey Enerji CEO Zaur Gahramanov told reporters that the part until Eskishehir is fully completed.
“The opening will take place in Turkey on June 12. The part from Eskishehir to the border with Greece is ready by 83 percent. Accordingly, the overall readiness of the pipeline is 94 percent,” Gahramanov said.
TANAP project envisages transportation of gas from Azerbaijan’s Shah Deniz field to the western borders of Turkey. The gas will be delivered to Turkey in 2018 and after completion of the Trans Adriatic Pipeline's construction natural gas will be delivered to Europe in early 2020.
The length of TANAP is 1,850 kilometers, with an initial capacity of 16 billion cubic meters of gas. Around six billion cubic meters of this gas is meant to be delivered to Turkey, with the remaining volume to be supplied to Europe.
Thus, the share distribution of TANAP shareholders is as follows: Southern Gas Corridor CJSC - 51 percent, SOCAR Turkey Enerji - 7 percent, Botas - 30 percent, BP - 12 percent.
He went on to say that SOCAR Turkey Enerji has adjusted the time of the initial public offering (IPO) of shares for 2021.
The CEO noted that this issue is still on the agenda of the company, adding that this is not a one-day process.
“It is necessary to carry out all the procedures, and companies must bring in revenues, and prepare a fiveyear financial report which will be audited by international companies. This is a long process, and it is successfully continuing,” Gahramanov stressed.
SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization.
It is expected that in 2018, SOCAR Turkey Enerji’s consolidated turnover will reach $15 billion and the company will become the second largest industrial company in Turkey with 5,000 employees and $3 billion of export potential. It aims to become Turkey's largest industrial company by 2023.
SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.
The company includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.