Azerbaijan, Baku, May 7/ Trend , E.Ismaylov /
The European Union is a partner for the Euro-Asian Oil Transportation Corridor Odessa-Brody-Plock-Gdansk project to accelerate the implementation of the project, a source in the oil and gas industry in Azerbaijan said.
"All sides are interested in close cooperation with the European Commission within this project," said the source.
Sarmat JV's approval of feasibility study for the project on April 24 showed its economic rationality, as well as the need of Europe for light oil, which is sufficient for the Odessa-Brody oil pipeline and other projects, bypassing the Bosphorus," said the expert.
Cooperation with the European Union is necessary to implement the project, financial and organizational capacity of the European Union will help minimize non-commercial risks for the participants of the project, as well as risks that are beyond the scope of opportunities for participating companies," said the source.
The presentation, which the participants of the project on transportation of Azeri oil via Odessa-Brody pipeline will present to the European Commission, is necessary in order to activate the mechanism and potential of the European Union within establishing diversification strategies in Europe, said the source.
Formerly Sarmat JV already prepared and approved a feasibility study. Odesa-Brody oil transportation project envisages to diversify supplies of oil to Ukrainian refineries and develop transit facilities of the country. Construction of Odessa-Brody oil pipeline was completed in May 2002. The pipeline has a length of 674km, diameter of pipeline - 1020 millimeters. The capacity of the first stage of the pipeline and the terminal is 9-14 million tons per year.
Azerbaijan can participate in the project as a transit country as well, since Azerbaijan is more attractive. Via this pipeline, Azerbaijan can supply not only its own oil, but also oil from Central Asia such as Kazakhstan.
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