Russia will sign an accord with Turkey on building a pipeline for sending Black Sea oil to the Mediterranean, bypassing congestion at the Bosphorus Straits.
Russia will sign an accord with Turkey on building a pipeline for sending Black Sea oil to the Mediterranean, bypassing congestion at the Bosphorus Straits as Bulgaria may back out of a similar project. OAO Gazprom, Russia"s largest company, and Turkey"s Calik Holding AS will sign an accord to build a pipeline between the northeastern port of Samsun and a terminal at Ceyhan on Turkey"s Mediterranean coast, Russian Energy Minister Sergei Shmatko told reporters in Ankara today before a visit by Russian Prime Minister Vladimir Putin later this week.
Increased oil output from the Caspian region as Kazakhstan"s Kashagan field plans to begin output will add additional tanker shipments via the Black Sea. Tankers have been delayed as much as a month in passing through the Bosphorus Straits because of weather and seasonal conditions.
Bulgaria is examining canceling or delaying energy projects as its budget deficit widens, Deputy Prime Minister Simeon Djankov said in an interview with Bloomberg July 31. Russian pipeline operator OAO Transneft is leading a project to build a 1 billion-euro ($1.4 billion) oil link from the Bulgarian Black Sea port of Bourgas to the Greek port of Alexandroupolis on the Aegean Sea.
Gazprom Deputy Chief Executive Officer Alexander Medvedev in July last year said the company"s liquids arm Gazprom Neft, would be interested in joining the Samsun-Ceyhan pipeline project planned by Italy"s Eni SpA and Calik.
Gazprom Neft is also a partner in the Bourgas- Alexandroupolis project.