Turkmenistan, Afghanistan, Pakistan and India (TAPI) have unanimously endorsed the Turkmenistan’s state company Turkmengaz as the consortium leader of the TAPI Pipeline Company Limited to spearhead efforts to build, finance, own and operate the planned 1,600 kilometer natural gas pipeline.
The endorsement was given during the steering committee’s meeting attended by petroleum ministers of the four nations and senior officials of the Asian Development Bank (ADB), in Ashgabat, August 6. Petroleum Minister Shahid Khaqan Abbasi represented Pakistan at the meeting, an official source said.
In 2013, the Asian Development Bank (ADB) was appointed as the transaction advisor for the project that is expected to be completed at a cost of $ 10 billion. Since 2003, the ADB has acted as the secretariat for the TAPI pipeline project.
The appointment of Turkmengaz as consortium leader will help fast track development of the TAPI pipeline project. Turkmenistan plans to start working on the project from December this year. It is expected to be completed by end 2018. The pipeline will deliver enhanced energy security, business prospects and overall economic stability in the region as it is expected to deliver gas to the three South Asian states for the next three decades.
It is important to mention that Turkmenistan has the world’s fourth largest proven gas reserves. Turkmengaz, the national gas company of Turkmenistan, has over 50 years of experience in the production, development and transportation of gas, as well as construction of gas pipelines. It is also anticipated that other companies will join the consortium at a later stage.
