Star - The Trans-Anatolian gas pipeline (TANAP) project, in planning stage to carry Azeri gas to Turkey and European markets, won three European energy giants as partners. BP, Total and Statoil have reached a deal with Azeri state oil company SOCAR for a 29 percent stake of the project that will significantly diversify Europe’s energy sources.

SOCAR’s stake sale to BP, Total and Statoil was announced by Tamam Bayatly, BP Azerbaijan's spokeswoman. “BP and Statoil will each have 12 percent of shares in the project while Total will own 5 percent..” Bayatly said without disclosing the financial details of the deal. SOCAR remains the principal backer of the project with 51 percent of stakes while Turkish state owned oil exploration and distribution companies, TPAO and BOTAS control 20 percent.

The USD 7 billion project is designed to carry gas from Azerbaijan’s Shah Deniz field through Turkey over a 2,000-kilometer pipeline to European customers.  Although designed with Azerbaijan as the sole gas supplier, TANAP is open to other possible suppliers such as Turkmenistan.

The construction stage of TANAP is set to start in 2013, with gas to start flowing in 2018. Source: IIT