11/26/2008

Turkish, Israeli, Indian ministers to meet for Med Stream project

Hurriyet Daily News - Turkey's Energy Minister Hilmi Guler said he would meet his Israeli and Indian counterparts in the coming days over the Med Stream oil pipeline project. Med Stream, a multi-purpose offshore pipeline project to connect Turkey and Israel via the Mediterranean Sea, is planned to transport oil, natural gas, water, electricity and fiber optic cables. India is interested in the project to import oil from the line through the Red Sea with loading tankers from an Israeli port. The project is estimated to cost around 8 billion euros. Normally, crude oil is shipped to the Far East in 50 days, but when the Med Stream is completed, transportation of crude oil from the Red Sea would take only 19 days. Feasibility studies of the pipeline are planned to begin by the end of this year and are expected to be completed in the summer of 2009. Construction of the pipeline is planned to start no later than early 2010. Guler also said the Indian oil company had been cooperating with the Turkish Petroleum Corporation (TPAO) in Libya, and that similar cooperation should be developed in other countries.

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