BAKU, May 6 (Reuters) - Iran may join the Trans AnatolianPipeline (TANAP), which will carry Azeri gas to Europeanmarkets, the country's ambassador to Azerbaijan said onWednesday referring to the project, which is seen as Europe'salternative to its reliance on Russia.
"We're looking into the possibility of buying equity inTANAP," Mohsen Pakayin told reporters.
"We may buy equity in the pipeline, if we reach ourproduction targets by 2018."
TANAP envisages carrying 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 preliminary cost has been estimated at $10-$11billion.
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.
The Balkan states hope to benefit from the TANAP project,which will connect to the Trans-Adriatic Pipeline (TAP) thatwill bring gas to Europe via Italy, through Albania.
Azeri state energy firm SOCAR holds a 58 percent stake inTANAP while Turkish pipeline firm Botas raised its stake to 30percent from 20 percent in 2014. BP is in the process ofacquiring 12 percent stake in the project.
The TAP spokeswoman said in April that the project was opento new shareholders, including Iran.
Azeri officials also do not rule out that Iran may join theproject for Azeri gas exports to Europe and use TANAP. (Reporting by Nailia Bagirova; Writing by Margarita Antidze;Editing by David Evans)
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