Turkey Earns $8bn from Azeri Projects

Turkey has earned over $8bn from work on the Baku-Tbilisi-Ceyhan (BTC) crude pipeline, the Trans-Anatolian Gas Pipeline (Tanap) and Shah Deniz projects as of mid July, according to BP's downstream head Tufan Erginbilgic July 18, with almost twice as much still to come.

“We work together with the Turkish TPAO and Botas in the development projects of the gas condensate field Shah Deniz and BTC. BP estimates that the total contribution to Turkey of BTC, Tanap and Shah Deniz exceeds $8bn. This includes investments and paid shares,” the representative of BP noted, and Turkey expects to receive another $15bn from them.

It should be noted that among these projects, Tanap, worth $8.5bn, is considered the most important for Turkish entrepreneurs. Local companies participate in all sections of the pipeline construction. Turkey is represented in Tanap by the state-owned company Botas, which has 30%.

In the Shah Deniz project, the Turkish state-owned company TPAO initially had a 9% stake, but in May 2014 it acquired a 10% stake from French Total, bringing its participation to 19%.

From the BTC project, Turkey earns as a transit country, as well as the shareholder of the pipeline company BTC. In the company it is represented by the state company TPAO (6.53%). BP is also a participant in BTC which it operates with 30.1%, in Tanap (12%) and Shah Deniz.which it also operates, with a 28.8% stake.

Azerbaijan desk