BAKU, Nov 10 (Reuters) - Azeri state energy firm SOCARreduced cost of the Trans Anatolian Pipeline (TANAP), which willcarry Azeri gas to European markets, by almost a quarter toaround $8.3 billion.
SOCAR's president Rovnag Abdullayev said on Tuesday that thereduction in the cost was due to lower prices for pipes. Makersof pipeline products have lowered their prices due to oversupplyin the market.
"That has allowed us to think that the construction of TANAPwill cost 20-25 percent less than it was initially projected,"Abdullayev told reporters.
TANAP is expected to carry 16 billion cubic metres (bcm) ofgas a year from Azerbaijan's Shah Deniz II field in the CaspianSea, one of the world's largest gas fields, which is beingdeveloped by a BP-led consortium.
The 1,850 kilometre pipeline will run from theTurkish-Georgian border to Turkey's border with Bulgaria andGreece.
The project was inaugurated in March and is expected to becompleted by the end of 2018 in order to start deliveries of gasfrom Shah Deniz II to Europe in 2019-2020. (Reporting by Nailia Bagirova; Writing by Margarita Antidze;Editing by Louise Heavens)