BP wants to join TANAP oil pipeline

ANKARA - Anatolia News Agency

BP President Fackrell says BP wants some of SOCAR’s shares in TANAP. Hürriyet photo

BP is following developments in the Trans-Anatolia Pipeline (TANAP) project between Turkey and Azerbaijan and supports the project, Bud Fackrell, president of the British energy giant’s unit in Turkey, said. He added that BP wants to take part in the project by acquiring some of SOCAR’s share in it.

Turkey’s state-run pipeline corporation, BOTAŞ, and petroleum corporation TPAO have 20 percent while the Azeri state oil company SOCAR holds the remaining 80 percent share in the project. The deal for the $7 billion gas project was signed in late June in Istanbul. The goal of TANAP is to carry Azerbaijani gas to European markets via a pipeline that runs through Turkey from east to west.Noting that SOCAR had invited BP to the take part in the project some time ago, Fackrell said, “TANAP is an important energy line project for Turkey. We follow this project closely and support it. We look positively on SOCAR’s share offer and want to be part of the project by acquiring SOCAR shares. It is early to tell the amount. I can say there will be concrete developments by mid 2013.”