Reuters: Azeri oil fund to help finance TANAP gas pipeline
Azerbaijan's $33-billion state oil fund is to help finance the $8 billion Trans-Anatolian natural gas pipeline project (TANAP) to take Azeri gas to Turkey and to markets in Europe, the head of the fund said on Tuesday.
Turkey has a 20 percent stake in TANAP, while Azerbaijan's state oil company SOCAR holds 80 percent. SOCAR offered BP, Statoil and Total to buy 29 percent of the total from its stake in September.
Construction of the TANAP pipeline, which will be built from the Turkish-Georgian border to Turkey's border with Europe, is expected to start at the end of 2013 and the project's first phase is seen ready at the end of 2017 or early 2018.