Sept. 18--The presidents of Azerbaijan, Turkey, and Georgia approved plans for an oil pipeline to run from Baku to Ceyhan.
Sept. 18--The presidents of Azerbaijan, Turkey, and Georgia approved plans for an oil pipeline to run from Baku to Ceyhan. The approval ceremony was held at the Sangachal pipeline terminal near the Azeri capital of Baku. Senior executives of the Baku-Tbilisi-Ceyhan Pipeline Co. (BTC) were also present. BTC is preparing to begin designing the pipeline and making the necessary land acquisitions, which will cost $2.9 billion. The proposed pipeline will run 1,760 km from Baku via the Georgian capital of Tbilisi to the Turkish port of Ceyhan on the Mediterranean. The pipeline will carry 1 MMb/d of oil. The pipeline is scheduled to be ready when the first production phase of the Azeri-Chirag-Gunashli field in the Caspian Sea comes onstream 1Q 2005. BP is operator with 32.6%.
