Socar says Tanap gas pipeline will cost $12 billion

The planned Trans-Anatolia natural gas pipeline is estimated to cost $12 billion, Socar Vice President Samir Karimli said in Istanbul.

Socar will own 58 percent of the link. Turkey’s state oil pipeline concern Botas will have 30 percent and BP will get 12 percent of the project, Karimli said.

Tanap owners will use equity in financing the whole project and no bank loans are planned, he said.

Tanap is designed to carry 10 billion cubic meters of Shah Deniz gas a year to the European Union from 2019. 

The 2,000-km pipeline’s front end engineering and design, or FEED, phase is 70 percent complete, he said.

ANN.Az