Claiming that the Tehran administration is interested in the Trans-Anatolian Gas Pipeline (TANAP) project, which will carry gas from Azerbaijan to Europe via Turkey, SOCAR chairman Rovnag Abdullayev admitted: "We might sell shares. Iran has no other alternative to this project."

The Tehran administration is expected to launch new economic initiations as a result of the nuclear agreement that was reached with the West. It is expected to play an active role, particularly in energy transfer investments. As a country that has difficulty shipping its natural gas and oil to the West, Iran aims to join the TANAP project. Abdullayev, the chairman of Azeri energy giant SOCAR, which is the principal stakeholder in the project, said that Iran has begun monitoring the TANAP project closely. Speaking to the Azeri press, Abdullayev said that Iran wants to purchase a share of TANAP. The project will become very different, he said, adding that they intend to sell shares if they receive a proper offer. Underlining that Iran will need this project more than before due to embargoes, Abdullayev said Tehran will produce more natural gas and it has no other alternatives to TANAP to carry it to Europe.

TANAP will be operated by the Azeri energy company SOCAR, which currently holds a 58 percent stake in the project. Turkey's state-owned energy operator BOTAŞ owns 30 percent, while British Petroleum (BP) undertook 12 percent of the project with an agreement signed last week. The TANAP project's operating company will be headquartered in the Netherlands, and the cost of the project is estimated at between $10 billion and $11 billion. The gas will flow through TANAP beginning in 2018. The transport capacity, which will initially be 16 billion cubic meters per year, will increase gradually, first to 24 billion cubic meters and then to 31 billion cubic meters. The amount of natural gas to be transferred is expected to rise with Iran's participation.

TANAP will be the natural gas pipeline project with the greatest length and radius to be constructed on Turkish territory so far. The TANAP project will deliver natural gas originating from Shah Deniz in the gas field of Azerbaijan to Europe after passing through 20 cities in Turkey and 1,850 kilometers of pipeline, with 19 kilometers under the Sea of Marmara. The project will use approximately 1.3 million tons of steel pipes.

Iran becomes a member of Chinese-led bankThe Chinese Finance Ministry has announced that Iran has been accepted as a founding member to the soon-to-be-established Asian Infrastructure Investment Bank. According to the statement released on the ministry's website, Iran's and the United Arab Emirates' request to become founding members were endorsed by other member countries. China invested capital of $50 billion in the bank in which more than 50 countries, including Turkey, have applied for membership thus far.