TANAP project to cost totally USD 7bn

TANAP project to cost totally USD 7bn

The oil transport from Azerbaijan to Turkey will be resumed on Friday, SOCAR President Rovnag Abdullayev has told journalists. According to Abdullayev, cooperation regarding Umid field is under way and calculations are being conducted to provide its access to the world market,Gun.Az reported.

“At the president’s order, we are developing a report on future need in oil and gas, besides its sale to Europe. This future will cover 30-35 years,” Abdullayev said.  He said Umid field would be also included to the report.

According to the SOCAR president, production in one of the submarine wells of Umid field may be launched in September. He also noted that talks were under way to purchase Swiss Petroplus oil refinery. “As for the cost of TANAP project, its total cost will be circa USD 7bn. The European Union is negotiating with Turkmenistan on gas supplies. Azerbaijan also participates in these talks.”

 

 

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