IPE Sarmatia starts to increase authorized capital

Baku, Azerbaijan, May 22

By Maksim Tsurkov - Trend:

The International Pipeline Enterprise (IPE) Sarmatia, which was created to attract investments for the design and completion of construction of the Odessa-Brody oil pipeline until the Polish city of Plock, started increasing the authorized capital, the IPE Sarmatia Director General Sergei Skripka told Trend May 20.

"We currently expect its completion in the form of the transfer of funds by the participants to our company account," Skripka said.

The IPE Sarmatia's authorized capital stands at 20.06 million zlotys (about five million euros). In accordance with the decision of the shareholders, capital of the company will be increased by 3.65 million zlotys (882,180 euros), or nearly 20 percent.

Following the increase of the authorized capital, work on the preparation of the project of construction of Brody-Plock (Adam's gate), which is an integral part of the Euro-Asian Oil Transportation Corridor (EOTC), will begin, he said.

"First, it is necessary to complete this process, register it, and then we can use this money," said Skripka. "It would not be quite right to start any work until the completion of the procedure. We carry out only preparatory work at this stage."

Earlier, funds in the amount of about 120 million euros were reserved within the framework of the EU "Infrastructure and Environment" program in order to support the project.

However, the possibility of using these funds was lost because of the Polish side because according to the regulations of the general meeting of Sarmatia International Pipeline Company participants, the decisions can be taken only on a unanimous basis.

The Brody-Plock (Adam's gate) oil pipeline is currently the sole missing part of the Euro-Asian Oil Transportation Corridor (EOTC).

As a result of realization of this project, the Caspian states will receive an additional reliable route for their oil supplies to the European market, new customers, and opportunities to work in adjacent markets will also expand.

The studies on the choice of a route for the future Brody-Adam's gate oil pipeline have been completed. The route's total length will be 377 kilometers, some 120 kilometers of the pipeline being built in Ukraine, and 257 kilometers in Poland.

The Ukrainian company Ukrtransnafta and the Polish company PERN Przyjazn established IPE Sarmatia on July 12, 2004.

The participants of Sarmatia are: the State Oil Company of Azerbaijan (SOCAR), Georgian Oil and Gas Corporation Ltd. (GOGC), Ukrainian UkrTransNafta, Polish Przedsiebiorstwo Eksploatacji Rurociagow Naftowych Przyjazn S.A. and Lithuanian AB Klaipedos Nafta. The share of the main participants is 24.75 percent each, while the Lithuanian company has a one percent share.

Odessa-Brody oil transport project was aimed at diversification of the oil supply to Ukrainian refineries and developing the country's transit opportunities. The construction of Odessa-Brody was completed in May 2002.

The length of the pipeline is 674 kilometers, while the diameter of the pipe is equal to 1,020 millimeters.

Follow the author on Twitter: @MaksimTsurkov

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