ANKARA
Energy giant BP signed an agreement on Friday to acquire 12 percent stake in the TANAP Gas Pipeline Project.
The agreement was made in Turkey’s capital Ankara, with Turkey’s Energy Minister Taner Yildiz, State Oil Company of Azerbaijan’s (SOCAR) President Rovnag Abdullayev, Deputy General Manager of Turkey's Petroleum Pipeline Corporation (BOTAS) Mehmet Konuk, TANAP General Manager Saltuk Duzyol and BP Azerbaijan President Gordon Birrell.
The Trans-Anatolian Natural Gas Pipeline, TANAP, is part of the Southern Gas Corridor, which plans to carry natural gas sourced in Azerbaijan near the Caspian Sea, to Europe through Turkey.
“TANAP has faced many political and economic obstacles throughout its development, however Turkey will always fully support the project,” Yildiz said, in his speech after the signing ceremony.
The decrease in oil prices will not affect the completion of the project, Yildiz said. Turkey has full confidence over the project’s partners, which are BP and SOCAR.
With Friday’s agreement, SOCAR will hold 58 percent, BOTAS will have 30 percent and BP will own a 12 percent stake in TANAP.
