Georgia, Azerbaijan & Turkey Sign Pact for BTC Pipeline

The governments of Azerbaijan, Georgia and Turkey have signed a document guaranteeing environmental protection and labor safety meeting international standards during the construction of the Baku-Tbilisi-Ceyhan pipeline, Natik Aliyev, president of SOCAR, said. Aliyev said that this document should put to rest concerns over stated violations during the implementation of the project.

The SOCAR president said that the three countries have again studied the route of the pipeline from an environmental point of view at the request of the European Bank for Reconstruction and Development, the International Finance Corporation and other creditors. He said that all documents have been sent to the EBRD and the IFC for an open public hearing over 120 days. After this, the international financial institutions will reach a decision on financing the project in October-November this year.

The cost of the Baku-Ceyhan project is estimated at $2.95 billion. According to the concept for the financing of the project, the participating companies will cover 30% of the cost, and 70% will be borrowed. The future pipeline will stretch 1,730 kilometers and will have a capacity of 50 million tons of oil per annum. The planned launch date for the pipeline is the end of 2004 - start of 2005.

Participants in the Baku-Tbilisi-Ceyhan project are the British Petroleum (30.1%), SOCAR (25%), Unocal (8.9%), Statoil (8.71%), TPAO (6.53%), Eni (5%), ConocoPhillips (2.5%), Inpex (2.5%), TotalFinaElf (5%) and Amerada Hess (2.36%).

Related Companies
 Company: BP plcmore info


 - Canada Rules Out Arctic Oil Drilling Extensions for ExxonMobil, BP (Jan 6)
 - Samsung Wins Mad Dog 2 Fabrication Contract (Jan 5)
 - Egypt Signs $220M Of Oil And Gas Deals (Dec 28)
 Company: Statoilmore info


 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Eni: Oil, Gas Discovery in Norwegian Sea (Jan 17)
 - Utgard, Byrding Field Development Plans Approved (Jan 17)
 Company: Total S.A.more info
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Total's Uganda Expansion 'Significantly De-risks' Project Sanction (Jan 10)
 - Nigerian Oil Labour Union Suspends Strike At Total's Fuel Depots (Jan 6)
 Company: UNOCALmore info
 - Brenham Inks PSC Agreement for Equatorial Guinea Block (Dec 20)
 - PetroChina Is Set to Go It Alone (May 26)
 - KBR Scores Major FEED Contract for Chirag Oil Project in Caspian Sea (Mar 23)
 Company: ConocoPhillipsmore info


 - Startup Of Malikai Oil Field To Boost Malaysia's Kimanis Exports (Dec 13)
 - US Shale Firms Go Back To Work Buoyed By OPEC Deal, Trump Victory (Nov 14)
 - ConocoPhillips Aims To Sell Up To $8 Billion In Gas Assets (Nov 10)
 Company: Hess Corporationmore info


 - Hess To Spend More On Exploration And Production This Year (Jan 12)
 - Oil Producer Hess Reports Smaller-Than-Expected Loss (Oct 26)
 - Oil, Gas Companies Evacuate GOM Staff Ahead of Tropical Depression (Aug 30)
 Company: ENImore info


 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Eni: Oil, Gas Discovery in Norwegian Sea (Jan 17)
 - Oil, Gas Conflicts throughout Africa in 2016 (Jan 4)
 Company: SOCARmore info
 - Azerbaijan's SOCAR Sees H2 2016 Net Profit At $298 MM (Jan 17)
 - SOCAR, AIOC Agree to Develop ACG Field (Dec 23)
 - Total, SOCAR Sign Absheron Development Agreement (Nov 22)
 Company: Inpexmore info


 - Inpex, ADNOC Agree to Extend Offshore Abu Dhabi Joint Development Project (Jan 16)
 - Total, Shell, Eni Eligible to Bid for New Iran Oil, Gas Projects (Jan 3)
 - SOCAR, AIOC Agree to Develop ACG Field (Dec 23)
 Company: TPAOmore info


 - Turkey's TPAO Signs $1.5B Deal To Buy Total's Stake In Azeri Gas Project (May 30)
 - Turkey's TPAO Says In Talks With Exxon, OMV, MOL For Joint Oil Exploration (Feb 19)
 - Dragon Oil, TPAO, Ghazanfar Signs PSCs for 2 Blocks in Afghanistan (Oct 10)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles
Related Articles


Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
Updated in last 24 hours