7/21/2008

Israel and Turkey plan $7.9 billion gas-oil pipeline

Bloomberg - Turkey and Israel will begin building a 5 billion Euro ($7.9 billion) pipeline next year to transport Caspian natural gas and oil to the eastern Mediterranean. The project will also transport water, electricity and fiber-optic cables under the sea, Turkish Energy Minister Hilmi Guler told reporters after talks with Benjamin Ben-Eliezer, Israel's Minister for Infrastructure. The two countries are accelerating feasibility work on the Mediterranean Pipeline project, which may involve an eventual link to India, Guler explained. Guler will meet his counterparts from India and Israel in two weeks to finalize plans for feasibility work. Construction of the project may take three years and the pipeline will transport 40 million tons of crude oil annually.

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