Azerbaijan ready to deliver oil to Odessa-Brody pipeline: Ukrainian president

Azerbaijan ready to deliver oil to Odessa-Brody pipeline: Ukrainian president

Azerbaijan, Baku, May 6 / Trend /

Ukrainian President Viktor Yushchenko held a meeting on practical implementation of the Euro-Asian Oil Transport Corridor (EAOTC) on the base of Odessa-Brody pipeline, the Ukrainian President's official Website said.

The meeting's key objective was to discuss an efficient continuation of the EAOTC project in the West.

The President noted the crucial importance of the EAOTC project in the context of alternative supplies of Caspian oil to EU countries. The President is convinced that this will actually improve the possibility of Ukrainian oil-refining industry, which means the domestic market of oil products. In addition, it should be noted that the EAOTC project is one of the key points of implementation by Ukraine of its international obligations to ensure the transportation of Caspian oil to European Union countries, the report says.

The President also said that he called the Ukrainian Government to make a decision to redefine the Odessa-Brody oil pipeline in the design mode of its usage - averse. "I understand what political overtones had the Government and to block such a decision, but today I appeal to common sense and to the national interest. I am convinced that the government find the courage and wisdom to take appropriate action," he said

Viktor Yushchenko in this context noted that President of Azerbaijan Ilham Aliyev once again expressed the willingness of the his country to supply Caspian oil to the needs of the Ukrainian and European markets, including the willingness to provide oil to the technology needs to run an oil pipeline in averse regime.

The feasibility study of the EAOTC was approved at the meeting of shareholders of the International Oil Transport company Sarmatia in Warsaw on Apr. 24, 2009. The feasibility study has showed the commercial expediency of the project and proved that interests of involved countries are taking into account.

"The feasibility study has confirmed enough volume of oil," Yushchenko said.

The oil production in the Caspian region will reach 100 million tons to 2015 and 150 million tons to 2025. Thus, the light oil demand via the EAOTC route from the Caspian region to make up 30 million tons.

The feasibility study confirms the economic viability, technical feasibility, and commercial and investment attractiveness of the EAOTC project in several stages in three directions: west, north and east. The initial phase includes transportation from 5 to 10 million tons of Caspian oil a year to the Ukrainian, Austrian, Polish refineries without significant additional investment.

The second and third stages involve the progressive construction of new infrastructure on all routes of EAOTC for a phased increase in the transportation of oil up to 20, 30 and 40 million tons per year. Total investments in this stage range from $2 to $8 billion depending on the transit capacity and needs.

Victor Yushchenko said that the feasibility study to be presented at a meeting of the European Commission. According to the President, a dialogue, including the President of the European Commission to determine the precise date of this presentation will be held on May 7.

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