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Azerbaijan Approves Law on TANAP Agreement with Turkey

FoxBusiness

January 18, 2013

By Aida Sultanova and Olga Razumovskaya

The Azerbaijani government Friday approved a law regarding the agreement with Turkey on the Trans-Anatolian natural-gas pipeline project.

A statement on the website of Azerbaijani President Ilham Aliyev said the two sides signed a law that approves the agreement on the project, which will carry Caspian Sea gas across Turkey to Europe and which was endorsed June 26 in Istanbul.

It is expected that TANAP will begin its work in 2018. The yearly volume of gas supplied as part of stage two of the Shah Deniz gas field project will be 16 billion cubic meters, 6 billion cubic meters of which will be supplied to Turkey and 10 billion cubic meters to Europe.

At a later stage it is expected that TANAP capacity will be gradually increased to 31 billion cubic meters a year by 2026.

Preliminary estimates show the construction of TANAP will require investments amounting to $7 billion to $10 billion.

Write to Olga Razumovskaya olga.razumovskaya@dowjones.com



Read more: http://www.foxbusiness.com/news/2013/01/18/azerbaijan-approves-law-on-tanap-agreement-with-turkey/#ixzz2IN0YBiMh

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