STEAS to buy 7% of Tanap pipeline

Socar Turkey Enerji AS (STEAS) will buy 7 percent equity in the Trans-Anatolia natural gas pipeline, company’s CEO Kenan Yavuz told reporters in Istanbul.

He didn’t say when the purchase will take place.

STEAS’s parent company SOCAR currently owns 58 percent of Tanap. The other partners in the project are BP and BOTAS.

Tanap will deliver 6bcm of Shah Deniz gas to Turkey by the end of 2018. It will also export 10bcm of gas to Europe from 2021.

The project is estimated to cost $10.3 billion.