BP May Take Stake in TANAP

BP is seeking to take a stake in the Trans Anatolian pipeline (TANAP), a BP official has told the Trend news agency.

Discussing the matter with the news agency, BP country manager for Turkey Bud Fackrell said that BP would be seeking to take a stake in the pipeline project from Azeri national gas company SOCAR.

"The TANAP project is of interest for the entire region, and therefore we support it," he said. "BP received SOCAR's offer to purchase part of its share. We intend to purchase a stake in this project."

Mr. Fackrell, however, did not say what size stake his company was considering taking in the pipeline.

The Trans Anatolian pipeline, which will run between Turkey and Azerbaijan, is intended to carry gas from the Shah Deniz gas field in Azerbaijan. SOCAR currently holds a massive stake in the project at 80 per cent. Turkish gas companies BOTAS and TPAO hold a 10 per cent stake each.

Earlier this year, SOCAR said that it intended to share its stake in the project, though keeping a large portion of its stake for itself. Preference, the company said, would be given to companies which had an involvement in Azerbaijan. BP, as the operator of the Shah Deniz field among other projects in Azerbaijan, was previously offered a stake by SOCAR in the pipeline.