SOCAR to Invest $8 Billion in TANAP

SOCAR will make an investment of $8 billion into the Trans Anatolian pipeline (TANAP) project, an official has said.

Speaking at a press conference in Baku, Azerbaijan yesterday, head of SOCAR Turkey Energy Kenan Yavuz said the company planned to mak a total investment of $17 billion in Turkish energy projects, with approximately $9 billion going to the Petkim petrochemical plant and the remaining $8 billion going to TANAP.

Elsewhere yesterday came the news that the TANAP project may also expand in terms of stakeholders, with the possibility of another shareholding country coming on-board.

Speaking to Turkish newspaper Haberdar yesterday, Azerbaijan's ambassador to Turkey, Faig Bagirov said it was still possible another country could join the TANAP project.

"Other countries such as Ukraine can participate in the project. A final decision on the matter hasn't been taken yet," he said. "It all depends on the decision of Azerbaijan, Turkey and Shah Deniz consortium."

Ukraine has previously stated its interest in joining the TANAP pipeline project, in a bid to diversify its supply from Russian imports. Last month, Ukraine's ambassador to Turkey, Sergiy Korsunsky said that Ukraine believed a stake in the project would prove to be "good business".