Bloomberg News

Socar Will Share Its Stake in Tanap With Gas Partners Only

July 11, 2012

State Oil Co. of Azerbaijan said it will share its stake in the Trans-Anatolia natural-gas pipeline project, or Tanap, only with companies involved in gas projects in the Caspian Sea nation.

“Only companies participating in gas contracts in Azerbaijan will get a share of Tanap,” Rovnaq Abdullayev, president of the Baku-based company also known as Socar, told reporters in the Azeri capital today.

Abdullayev said his company will soon decide which companies will get some of Socar’s 80 percent stake in the pipeline project, estimated to cost $7 billion. The remaining 20 percent is held by Turkey’s state pipeline company Boru Hatlari Ile Petrol Tasima AS, or Botas.

The Socar president earlier said partners in the Shah Deniz project, including BP Plc (BP/), Total SA (FP) and Statoil ASA (STL), have shown interest in joning Tanap.

Azerbaijan and Turkey agreed on June 26 to build the 2,000- kilometer (1,420-mile) pipeline to ship Azeri gas to the European Union through Turkey.

Tanap will be linked up with either the Nabucco West link or the Trans-Adriatic Pipeline, or TAP, to deliver the fuel to the EU from the Turkish border.

The BP-led Shah Deniz group will choose between the two links in May 2013, Abdullayev said earlier this month.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net


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