Turkey to Ratify TANAP MoU This Week

The Turkish government expects to ratify a Memorandum of Understanding (MoU) signed with Azerbaijan later this week, an official has said.

Speaking to the Trend news agency, a spokesperson from the Turkish Grand National Assembly said the deal, which was signed last December, will be ratified shortly.

"The exact date is unknown yet, but in the coming days, a memorandum will be approved by the parliament," the spokesperson said.

Azerbaijan and Turkey are currently the only two stakeholders in the Trans-Anatolian pipeline project. The State Oil Company of Azerbaijan Republic (SOCAR) currently holds an 80 per cent stake in the project, while Turkish companies BOTAS and TPAO hold a 10 per cent stake each.

However, SOCAR's stakes are expected to be opened up to other companies, with an unspecified share available to interested parties. Companies with a current working interest in Azerbaijan will have first preference, SOCAR has said previously.

SOCAR has said that it will retain operatorship of the pipeline even when these stakes are shared out.

An inter-governmental deal between the two countries is expected to be signed shortly after delays, with VP of SOCAR Elshad Nasirov saying last week that such a deal will be signed by the 30th of June.