EU to start financing Caspian oil transportation

Feb 04, 2010 01:00 AM

The oil and gas institute is holding studies connected with energy security within framework of EU operative programme Infrastructure and environment.
The Novaya Sarmatiya consortium created for implementation of the project of the pipeline construction for transportation of the Caspian oil bypassing Russia has signed a preliminary contract on project co-financing by the EU.

The due statement came from consortium president Marchin Yastchembski. The final co-financing contract in the volume of EUR 125 mm will be signed in June. The oil and gas institute is holding studies connected with the energy security within the framework of the EU operative programme "Infrastructure and environment".
The concern includes oil and gas companies from Poland, Georgia, Ukraine, Azerbaijan and Lithuania.

Currently, Russian oil is supplied from Brody in Western Ukraine to Odessa port by the Odessa-Brody pipeline. It will be able to transport Caspian oil after the reverse of this pipeline and its extension to Poland.
The supplies were declared by Azerbaijan. The pipeline will be commissioned in 2014.

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