Turkish builder Tekfen Insaat gets $565 mln deal under TANAP project

The contract envisages the construction of the 509-kilometre third lot of the 560-inch pipeline, Tekfen said in a bourse filing. Works under the deal are scheduled to be completed in 36 months.

TANAP will transport gas from Azerbaijan's Shah Deniz field to Europe through Turkey. The project is expected to be completed in 2018 and to reach annual natural gas transportation capacity of 16 billion cubic metres (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.

($ = 0.817 euro)