ECONOMY
SOCAR: Azerbaijan’s gas export volume to reach 40-50 billion cubic meters by 2025
Baku, November 19 (AZERTAC). The volume of Azerbaijani gas export will reach at least up to 40-50 billion cubic meters by the end of 2025, President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev said at the Atlantic Council Energy and Economic Summit held in Istanbul.
“Most of this gas will be exported to the European market. Trans-Anatolian gas pipeline (TANAP) will be the gas transmission infrastructure that will ensure the safe transportation of gas from Azerbaijan to Europe” said Abdullayev.
TANAP project envisages construction of the pipeline from the eastern border of Turkey to the country's western border to supply gas from Azerbaijani Shah Deniz gas field to Europe through Turkey. The gas pipeline will become a fundamental and crucial element within the "Southern Gas Corridor", which will be implemented in phases, SOCAR head added.
According to the Head of SOCAR, TANAP will make a huge contribution to the European energy security.
The project was announced on 17 November 2011 at the Third Black Sea Energy and Economic Forum in Istanbul. On 26 December 2011, Turkey and Azerbaijan signed a memorandum of understanding establishing a consortium to build and operate the pipeline.
At the moment Turkish company BOTAS owns 20 percent stake in TANAP, SOCAR owns 80 percent and plans to retain a 51 percent stake in the project.