BAKU (Anatolia News Agency)—The State Oil Company of Azerbaijan (SOCAR) intends to invest about $10 billion in projects in Turkey in the next seven or eight years, the company’s vice president said.
“In view of the Trans-Anatolian Gas Pipeline (TANAP) construction project, the total amount of investments in Turkey may exceed $17 billion,” Suleyman Gasimov said yesterday at the 19th international conference on Caspian Oil and Gas in Baku, the Azeri capital.
Azerbaijan and Turkey signed a memorandum of understanding to establish the consortium that will build the TANAP, which will supply gas from Azerbaijan’s Shah Deniz gas fields to Europe through Turkey.
Botaş, Turkey’s state-run oil and gas company has a 20 percent stake in the TANAP and the rest is owned by SOCAR.
Energy Minister Taner Yıldız (R), Azerbaijan’s Ankara Ambassador Faig Bagirov (L) and SOCAR President Rovnag Abdullayev chat at the Sheraton Hotel Baku.