8/5/2009

Turkey and Russia to sign new oil pipeline deal

Bloomberg - Russia will sign an accord with Turkey on building a pipeline for carrying the Black Sea oil to the Mediterranean, by-passing congestion at the Bosphorus Straits. 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 yesterday prior to a visit by Russian Prime Minister Vladimir Putin later this week. Increased oil output from the Caspian region as Kazakhstan’s Kashagan field will add additional tanker shipments via the Black Sea. Tankers have been delayed as much as a month in passing through the Bosphorus Straits due to weather and seasonal conditions.
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