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TANAP consortium's revenues tripled in 2020

The capacity of the pipeline is 16 billion m3, of which 10 billion is intended for Europe, 6 billion for Turkey. In the long run, the capacity of the pipeline will reach 24 billion m3/per year, and then - up to 31 billion m3

TANAP consortium's revenues tripled in 2020

Baku, July 6 - Neftegaz.RU. The net profit of the pipeline consortium TANAP Natural Gas Transmission Company reached $160 million in 2020 versus net loss of $145 million in 2019, Southern Gas Corridor has reported.

The consortium's revenues tripled year-on-year in 2020, reaching $682 million, while the cost of sales increased by 31% (reaching $133 million).
The company made other revenues worth $1.4 million and its interest income was $353,000.

Furthermore, the consortium's total and administrative expenses in 2020:
  • amounted to $192 million (growth by 2.6 times)
  • financial expenditures - $197 million (6.5% growth).
  • the net loss from the exchange rate difference in 2020 amounted to $550,000 (growth in 2.6 times)
However, there was 0.5% decline in 2020 in TANAP Natural Gas Transmission Company’s assets that were worth $6.7 billion, including short-term assets - $141 million, long-term assets - $6.5 billion.

In the structure of long-term assets, the cost of the pipeline is:
  • $ 6.3 billion (growth by 52.3%)
  • unfinished construction - $142 million (decline by 17 times)
The consortium's commitments for early 2021 amounted to $3.9 billion (a decrease of 4.8%), including short-term - $9.6 million, long-term - $2.7 billion.
The capital of the consortium by late 2020 was $2.9 billion (5.7% increase).

It should be noted that Azerbaijan exported 5 billion m3 of gas to Turkey via the Trans-Anatolian gas pipeline in 2020.
According to the forecasts of Azerbaijan´s SOCAR, the activity of the TANAP gas pipeline in Turkey covers 12 % of Turkey's gas needs.

Author: Vugar Khalilov

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