Azerbaijan Parliament approves TANAP project

Azerbaijani Parliament discussed issues including the issue of cooperation between Azerbaijan and Turkey during the first meeting of the autumn.

The Deputy Speaker of the Parliament, Valeh Alasgarov, noted that Turkey has already implemented all necessary state procedures on the TANAP project.

He underlined that the approval of the Memorandum of Understanding between the two countries was signed on May 26, 2014.

The natural gas pipeline will cost around $9.3 billion and become operational by 2018 with an initial capacity to carry 16 billion cubic meters (bcm) of gas. The total capacity is expected to increase to 23 bcm by 2023 and to 31 bcm by 2026.

Following the completion of the Trans Adriatic Pipeline (TAP), Caspian gas will reach Europe by early 2020.

The State Oil Company of Azerbaijan Republic (SOCAR) holds 58 percent share of TANAP while Turkey's Petroleum Pipeline Corporation (BOTAS) holds a 30 percent and BP 12 percent.

Anadolu Agency