Tri-nation black sea crude pipeline deal signed
Published on: October 20, 2009 at 12:05
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A joint statement issued here said the 550-kilometer-long, $1.5 billion Samsun-Ceyhan pipeline project, which will be built by Italian oil company Eni and Turkey's Calik Enerji, will carry Russian and Kazakh oil and provide an alternative route to the congested Bosporus strait.
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It is part of a project to transform Turkey into a global energy corridor, the statement added.
The accord was signed by Russia's Deputy Prime Minister Igor Sechin and Energy Minister Sergei Shmatko, Turkey's Energy Minister Taner Yildiz and Italy's Economic Development Minister Claudio Scajola.
According to the statement, the project is anticipated to finish by 2012, with an initial capacity of one million barrels of crude oil a day.
Analysts said the implementation of the project would allow to considerably decrease the workload of Turkish straits.
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