Turkish Tekfen Holding to invest $457 million in TANAP
by Daily Sabah
ISTANBULFeb 18, 2016 - 12:00 am GMT+3
by Daily Sabah
Feb 18, 2016 12:00 am
Tekfen Holding to invest $457 million in TANAP Tekfen Construction and Installation Inc., a subsidiary of Tekfen Holding, will provide engineering, procurement and construction services for the Trans-Anatolian Natural Gas Pipeline's (TANAP) compressor and measurement stations for $457 million.
Tekfen Holding released a statement via the Public Disclosure Platform (KAP), saying that Tekfen Construction and Installation Inc. is undertaking the engineering, procurement and construction work for TANAP's compressor and measurement stations. According to the statement, the company is to complete the $457 million project in 39 months.
Meanwhile, the Southern Gas Corridor Project is estimated to be worth $45 billion. It is one of the most complex gas value chains ever developed. Encompassing more than 3,500 kilometers and spanning seven countries, the Southern Gas Corridor Project covers TANAP. The 1,400-kilometer-long pipeline, to be completed in 2018, will carry 27 billion cubic meters of natural gas annually. The line, which is said to be a "critical threshold" for the Turkish Stream, is known as an additional pipeline that will extend the Turkish Steam into Austria. It is said the Tesla pipeline will carry Russian natural gas via the Turkish Stream and Azeri natural gas via TANAP to Europe. The EU has also announced that it will support TANAP, which will carry Caspian natural gas through Georgia and Turkey, and the Trans-Caspian Gas Pipeline that will carry Azeri and Turkmen natural gas to Europe. The EU's declaration of these projects as "primary" means Brussels has toned down its attitude, which has so far been frosty toward the Turkish Stream.