TANAP com­pleted by 94pct

Azer News - - Business - By Sara Is­rafil­bay­ova

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.

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