Turkey and Greece finalize gas pipeline deal

Dec 25, 2003 01:00 AM

The governments of Turkey and Greece formally signed an agreement on December 23, 2003 to build a natural gas pipeline connecting the Middle East to Europe.
Signed at a ceremony in Ankara by Turkish Energy Minister Hilmi Gueler and Greek Development Minister Akis Tsohatzopoulos, the agreement will initially will deliver 500 mm cm of natural gas from Azerbaijan to Greece, via Turkey, beginning in 2006.

Under the contract, 200 km out of the 285 km pipeline would be located on Turkish soil. The cost of the Turkish section of the pipeline will be $ 80 mm, with the remaining 76 km section in Greece costing $ 15 mm.
The pipeline will serve not only as another important economic link between Greece and Turkey, but also will provide a new source of natural gas for Greece, with the prospect of connecting to markets in the heart of Europe via Italy.

In the second phase of the project, some 11 bn cm of natural gas will be transported to Turkey, Greece and Europe annually.
Last year, Turkey’sPetroleum Pipeline Corporation (Botas) and Greece’s Public Gas Corporation (DEPA) signed a memorandum of understanding (MoU) allowing for Turkey to export 500 mm cubic tons of natural gas to Greece by 2005.

Source: MENA Business Reports
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