Turkey earned $ 8 bln from oil and gas projects of Azerbaijan

Baku. 17 July. REPORT.AZ/ The Turkish government and companies have earned over $ 8 bln from Baku-Tbilisi-Ceyhan main export oil pipeline, Trans-Anatolian gas pipeline (TANAP) and Shah Deniz projects.

Report informs citing the Turkish media, BP's Global Refining and Marketing CEO, Tufan Erginbilgiç said.

According to him, Turkey will earn $ 15 bln more from these projects: "1% of the world's oil production transported via BTC, and 2.5% via the Turkish straits. Turkey is important to us. Only TANAP project shows our confidence in Turkey. BP has 12% share in this project”.

He noted that works on project are progressing according to schedule, and next year, the first gas within Shah Deniz-2 project will be transported to Turkey: “When works on Southern Gas Corridor completed, Caspian gas will be transported to Europe for the first time. Turkey's role here is very important. Turkey is a very important and strategic partner for BP.

We work with Turkish TPAO and BOTAS companies both on BTC and Shah Deniz gas condensate development projects. According to BP's estimates, the total contribution of BTC, TANAP and Shah Deniz projects to Turkey exceeds $ 8 bln. This includes investment and paid-in shares."

Notably, BTC pipeline starts from the Sangachal terminal, near Baku and transported to the port of Ceyhan. From this port, the oil delivered to market through the Mediterranean Sea. TPAO is one of the shareholders in BTC with a share of 6.53%.

Notably, Shah Deniz field is located on the Caspian Sea shelf, 70 km south-east from Baku coast with depth of water changing between 50-500 meters. The field’s estimated natural gas deposits are about 1.2 trillion cum. It is one of largest gas-condensate deposits in the world. TPAO has 19% share in Shah Deniz consortium.

TANAP will supply Caspian gas in the second stage of development of the Shah Deniz field to Turkey and from there to Europe. The gas pipeline is built on the territory of Turkey. The launch is scheduled for 2018. The initial capacity of the gas pipeline will be 16 billion cubic meters, 6 billion cubic meters of this is intended for Turkey, other volumes for Europe. BOTAŞ owns 30% of the project.