Turkey has ratified the memorandum of understanding (MoU) with Azerbaijan on the Trans-Anatolian Natural Gas Pipeline (TANAP) project to transport gas from Azerbaijan's Shah Deniz field to Europe through Turkey, the Turkish government said on Thursday.
The MoU,signed on May 26, enters into force from the date of its ratification, the government said in a statement.
The project is expected to be completed in 2018 and to reach annual natural gas transportation capacity of 16 billion cubic meters (cu m) in 2020, 23 billion cu m in 2023 and 31 billion cu m in 2026.
Azeri state-owned oil and gas firm Socar owns the controlling 70% stake in TANAP Dogalgaz Iletisim A.S., the company established to carry out the project, while Turkish state-owned oil firm TPAO and its unit BOTAS own the remaining 30% of the company.
Turkish news agency Anadolu Ajansi reported on Thursday that the construction of the South Caucasus Pipeline - the first phase of the Southern Gas Corridor, which will carry gas from the Azerbaijan sector of the Caspian Sea to Turkey – will be launched on September 20. The pipeline will connect to TANAP at the Georgia-Turkey border.