TANAP consortium’s revenues tripled in 2020

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.

Neftegaz.RU