In connection with the acquisition, the parties have also agreed on the terms of the company's governance and the shareholders' relations and management of the project. Pursuant to the parties' agreement, the license for the TAP Project (which was awarded by the Turkish government to Calik in June of this year) will be transferred to TAPPCO.
TAPPCO will be responsible for the design, construction and operation of the transportation system which will transport crude oil from facilities near the port of Samsun on the Black Sea to loading facilities near the terminal of Ceyhan on the Mediterranean. The Project will consist of a 550 km pipeline, as well as a new loading terminal in Samsun and oil storage facilities in Ceyhan. The designed capacity of the system will be 1.5 million barrels of oil per day.
The purpose of the project is to provide a reliable, environmentally sound and commercially competitive means for evacuating crude oil produced from Russia and the Caspian region. Moreover, transportation of crude oil by pipeline across Turkey is expected to provide much needed solution to ever-increasing safety and environmental concerns associated with the shipping of crude oil by tanker through the Bosphorus and Dardanelle Straits.
With the further contribution of the TAP Project, Ceyhan would become a primary oil export hub, making Turkey a natural strategic connection between production areas (Middle East and Caspian Sea) and the world markets.
The Minister of Energy Mr. H. Guler, the General Director of Energy, Water and Environment of the Ministry of Foreign Affairs Mr. M. Rende and the Italian Ambassador Mr. Marsili were present at the signing of the Calik-Eni agreements.
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