Russia, Turkey to continue cooperation on Samsun-Ceyhan pipeline
TAMBOV. March 2 (Interfax) - Russia and Turkey plan during a meeting of their inter-governmental commission on March 4 to sign an agreement to continue cooperation on the Samsun-Ceyhan oil pipeline project.
"We're going to sign a document on the Samsun-Ceyhan oil pipeline from the point of view of the further plan of action, which involves determining the economic model," Russian Energy Minister Sergei Shmatko told reporters in Tambov.
Then, during the next stage, "the partners should make the relevant commitments to fill the pipeline," he said.
The Samsun-Ceyhan pipeline project responds to Turkish demands for a route bypassing the crowded Dardanelles and Bosphorus. The 555-km pipeline will be used to deliver oil from the Black Sea basin to Europe. Eni, Calik, Rosneft and Transneft signed a memorandum of understanding concerning possible creation of a joint venture to build Samsun-Ceyhan in October 2009.
Turkey estimates that the pipeline will cost about $4 billion to build, but the other participants think the actual total will be higher.
Russia hopes to agree the parameters with Turkey for involvement in the Samsun-Ceyhan oil pipeline project by the middle of March, Russian Deputy Prime Minister Igor Sechin said in December following talks with Turkish Energy and Natural Resources Minister Taner Yyldyz in December.
Sechin said Rosneft and Transneft may each receive a 25% interest in the planned Samsun-Ceyhan oil pipeline. They might join current project participants Turkish Calik and Italian Eni. "The companies are currently negotiating their participation in capital at roughly 25% each," Sechin said.