Russia and Turkey will sign a project for construction of Samsun-Ceyhan oil pipeline, Russian Energy Minister Sergey Shmatko said on Wednesday, RIA Novosti reports.
The project will be discussed on the 11th session of the Russian-Turkish inter-government commission for trade-economic cooperation on March 4. Russia will be represented by Vice-Premier Igor Sechin. Shmatko will supervise the working group for energy.
Samsun-Ceyhan will run from Samsun on the Turkish coast of the Black Sea to the Mediterranean port Ceyhan. The pipeline will transport 60-70 million tons of oil annually, by-passing the Bosporus and Dardanelles.
A deal was signed in Milan in October 2009. Rosneft, Transneft Sofkomflot, Calik Holding (Turkey), Eni (Italy) will take part in constructing the pipeline, transport, processing and selling oil products. LUKOIL expressed interest in the project. The project’s initial value was $3 billion.
Russia and Turkey hope to agree on the price parameters of the project in mid-March 2011, Sechin said in December. Rosneft and Transneft may have 25% share each.
The head of Transneft Nikolai Tokarev said in October that each sides will take parts in construction and filling of the pipeline, according to their share.
