Last Updated :
20 October 2009 at 12:05 IST
Tri-nation black sea crude pipeline deal signed
MILAN (Commodity Online ) : In a significant development on Monday, Russia, Italy and Turkey signed an agreement for the construction of a pipeline that will carry crude oil from the Black Sea to Turkey's Mediterranean port of Ceyahn.
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.
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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