Agreements move Samsun-Ceyhan oil pipeline forward

Vice Prime Minister of the Russian Federation Igor Ivanovich Sechin, Russian Minister of Energy Sergei Shmatko, Minister of Energy of the Republic of Turkey Taner Yildiz, and Minister for Economic Development of the Italian Republic Claudio Scajola signed a joint statement concerning the construction of the Samsun-Ceyhan oil pipeline between Turkey's Black Sea coast and its Mediterranean coast.

Offshore staff

MILAN -- Vice Prime Minister of the Russian Federation Igor Ivanovich Sechin, Russian Minister of Energy Sergei Shmatko, Minister of Energy of the Republic of Turkey Taner Yildiz, and Minister for Economic Development of the Italian Republic Claudio Scajola signed a joint statement concerning the construction of the Samsun-Ceyhan oil pipeline between Turkey's Black Sea coast and its Mediterranean coast.

The agreement underlines the countries’ commitment to enhance energy security in their respective countries and in the European market through the diversification of transport routes, as well as the protection of the environment.

The Ministers confirm that their countries will guarantee the stable and balanced regulatory framework needed for the construction of the Samsun-Ceyhan pipeline.

At the same time, representatives of Eni, Calik Holding, JSC Transneft, and Rosneft, the energy companies involved, signed a memorandum of understanding which outlines a commitment to discuss the definition of the economic and contractual conditions for Russian companies to participate in the Samsun-Ceyhan Project. According to the companies, the MOU will ensure the volume of crude to guarantee the economic sustainability of the project.

The Samsun-Ceyhan pipeline will facilitate safer transport across the Bosphorus and Dardanelles Straits as well as reducing the impact on the region’s complex and delicate ecosystem, the companies say.

10/19/2009

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