Turkey and Azerbaijan signed a Memorandum of Understanding (MoU) on Monday to establish a consortium which will construct a gas pipeline to transport gas from Azerbaijani Shah Deniz field to Europe through the Turkish territory.
During the signing ceremony Turkish Energy Minister Taner Yildiz said the pipeline cost will be set by SOCAR. He also stressed that it may be close to the figure of $5 billion, which was announced earlier.
The construction of Trans Anadolu gas pipeline (TANAP) is required for the export of most part of 50 billion cubic meters of gas that Azerbaijan intends to produce in 2025. Baku and Ankara intend to construct new pipeline on the Turkish territory.
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