The Trans-Anatolian Natural Gas Pipeline (TANAP) project expects BP to resolve outstanding issues soon to become a stakeholder in the multi-billion dollar project that aims to reduce Europe’s reliance on Russian gas.
Magsud Mammad, the TANAP external relations director, stated on the sidelines of an energy summit in Montenegro’s coastal resort of Budva that talks with BP, which wanted a 12 percent stake in the project, were ongoing.
Azeri firm SOCAR holds a 58 percent stake in TANAP while Turkish pipeline firm Botas raised its stake to 30 percent from 20 percent in 2014.
TANAP envisages carrying 16 billion cubic metres (bcm) of gas a year from Azerbaijan’s Shah Deniz II field in the Caspian Sea, one of the world’s largest gas fields, which is being developed by a BP-led consortium.
The pipeline will run from the Turkish-Georgian border to Turkey’s border with Bulgaria and Greece. The preliminary cost of the pipeline has been estimated at $10-$11 billion.