Petroleum Giant BP has denied media claims that it plans to sell its 12 percent share in the Trans Anatolian Natural Gas Pipeline Project (TANAP).

In a written statement yesterday, BP squelched these allegations, "We don't have any plans to sell our stake in the TANAP as the project is a very important part of the Southern Gas Corridor (SGC)."

BP said that Turkey's state-owned crude oil and natural gas pipelines and trading company BOTAŞ and Azerbaijan's state-owned national oil and gas company SOCAR are undertaking works to deliver first natural gas to northwestern Turkey's Eskişehir in the middle of 2018 as part of TANAP. "In addition, we are the operator of important oil and natural gas projects operating in a safe and efficient manner in Azerbaijan. BP and SOCAR continue to work together to provide a long-term future for oil and gas production in Azerbaijan," the company noted.

The SGC includes gas infrastructure investments in a 3,500-kilometer-long pipeline running through six countries at a total cost of $40 billion.

The key components are the Shah Deniz offshore gas field in Azerbaijan, the Southern Caucasus Pipeline in Azerbaijan and Georgia, TANAP in Turkey and the Trans Adriatic Pipeline (TAP) through Greece, Albania and Italy.

The initial annual throughput capacity will be up to 16 billion cubic meters, which is equivalent to the annual energy consumption of more than 10 million households in the region.

The corridor includes three major pipeline projects: The expansion of the South Caucasus Pipeline through Azerbaijan and Georgia, the construction of the TANAP across Turkey and the construction of the TAP through Greece, Albania and into Italy. Azeri energy giant SOCAR holds a 58-percent interest in TANAP, BOTAŞ has a 30 percent share while BP owns a 12 percent stake.