Euro-Asian energy corridor project to benefit all members

Azerbaijan, Baku, July 12/ Trend E.Ismayilov/

As the result of the realisation of the Euro-Asian Oil Transportation Corridor project (EAOTC), Caspian Sea countries will get a supplementary reliable route for delivery of their oil to European markets, as well as a range of new customers and their working opportunities will expand into adjoining markets, Director General of the International Pipeline Company Sarmatia, Sergei Skripka told Trend on Thursday.

Unqualified significance of the EAOTC project is that in the case of its realisation, it will benefit all its members, Skripka noted.

The European countries for their part will acquire access to sources of high quality hydro carbonic raw materials, according to him. This route will create real conditions for the diversification of energy supplies. .

The benefit that will be gained by transit countries including Georgia, Ukraine and Poland should also be taken into account, according to Skripka.

The significance of the project increases under modern conditions when we witness instability in the Middle East and in Africa, changes in energy strategies of traditional oil suppliers, establishment of new transport routes for hydro carbonic raw material and refusal to use the old ones. The competition for Europe grows from oil consumers in China and other Asian countries.

"EAOTC can respond to many of these calls and to become the element of global structure that will allow it to maintain a balance in the European oil market and prevent shortages of supply of this raw material," Skripka stressed.

The position of the European Commission towards the project remains unchanged. It views the project as a crucial instrument of increasing Europe's energy security that provides conditions for diversification of sources and routes for oil supply.

The evidence of this attitude is the positive decision of the European Commission over the notification of state aid for the project. It is expected that the EAOTC project will be approved in the list of the Project of Common Interest to be prepared by the European Commission before the end of this year.

The constituent of the EAOTC is the Brody-Plock oil pipeline (Adam outpost). The exploration on the selection of the road for the future pipeline has already been completed. The length of the route will be 377 kilometres and 120 kilometres of the oil pipeline will be built over the territory of Ukraine and 257 kilometres in Poland.

Sarmatia ICC was established on July 12 of 2004 by Ukrtransnafta and the Polish company PERN Przyjazn to attract investment towards the design and completion of the Odessa-Brody pipeline to Plock.

Members of Sarmatia are SOCAR ( State Oil Company of Azerbaijan), Georgian Oil and Gas Corporation Ltd. (GOGC) of Georgia, UkrTransNafta of Ukraine, Przedsiebiorstwo Eksploatacji Rurociagow Naftowych Przyjazn S.A of Poland and AB Klaipedos Nafta of Lithuania with a 24.75 per cent share for each primary participant and one per cent for the Lithuanian company.

The Odessa-Brody oil transport project was planned with the aim of diversification of oil supplies to Ukrainian oil refineries and developing the countries transit opportunities.

The construction of the Odessa-Brody oil pipeline was completed in May 2002. The length of the road is 674 kilometres and the tube diameter is 1020 mm.

The first stage capacity of the pipeline and the terminal is 9-14 million tons per year.

Czech tourists may be first to visit Georgia after COVID-19 lockdown
Czech tourists may be first to visit Georgia after COVID-19 lockdown
Ambassadors of EU member states interested in reopening tourism sector in Georgia
Ambassadors of EU member states interested in reopening tourism sector in Georgia
Georgia, Estonia discuss cooperation in field of transportation, tourism
Georgia, Estonia discuss cooperation in field of transportation, tourism
Loading Bars
Latest
Around 5.2 pct of Spanish population infected by coronavirus: study
Albanian parliament OKs 650-mln-euro Eurobond
Jordan to open most economic sectors, further ease movement restrictions
Vaccines group raises $8.8 billion for immunisation plans for poor countries
OPEC+ has encouraging signs of rising conformity, says Barkindo
Eni creates two new business groups
Barkindo: 2020 oil demand to return to levels before 2014-2016 market downturn
IFC co-ops with Uzbekistan on planning of future projects
20-odd airlines to resume flights to and from Cyprus
India pledges 15 million USD to international vaccine alliance
Baku expected to hold European Championships in Men's and Women’s Artistic Gymnastics in late 2020
UN Office on Drugs and Crime, Turkmenistan discuss joint projects
Demand from banks at foreign exchange auction decreases in Azerbaijan
Georgia takes steps to foster development of local businesses
Turkey plans to resume flights with Azerbaijan soon
WHO mission to visit Turkmenistan
Cashless transactions in Azerbaijan on rise from Mar. through Apr. 2020
GNERC reveals market share of Georgian mobile operators
Representatives of diplomatic corps in Azerbaijan may work on weekends
GNERC reveals number of mobile subscribers in Georgia
Online payments grow in Kazakhstan
Global expenditures of oil & gas exploration to decline
COVID-related economic consequences to test Kazakhstan insurers' resilience
TABIB: Decision, rules related to international flights to be announced soon in Azerbaijan
Turkey's export of electrical goods from Jan. through May 2020 drops
11 insurers increase payment of insurance claims in Azerbaijan
Azerbaijani Operational Headquarters: Domestic flights may be renewed in coming days
Android OS ranks first in Azerbaijani market albeit with lower percentage
Uzbekistan's Ministry of Energy, EBRD developing low carbon energy strategy
Georgia implements new agricultural project
Azerbaijan's Elektrogas LLC unveils plans on manufacturing combi devices
Azerbaijan records multi-fold increase in online sales amid COVID-19
Kazakhstan's state commission to prepare strategic development plan till 2025
TABIB recommends journalists, other employees of news agencies in Azerbaijan to work from home
Georgia records over 150 cases of illegal logging
12 insurance companies reduced collection of premiums in Azerbaijan in April 2020
Kazakhstan's Agrarian Credit Corporation makes decision on dividend payments
Turkish ministry discloses volume of crude oil transshipped via local ports
All pharmacies, stores to be closed in some Azerbaijan's cities on weekend
Two-three-day restrictions may be introduced during following weekends in Azerbaijan
German auto stimulus to boost VW's electric push
Russia's Eximbank opens correspondent accounts for Uzbek banks
Georgia works with foreign experts on post-crisis economic plan
TAP announces changes in market test schedule
Production volume, cost of panel radiators in Azerbaijan announced
Nine Azerbaijani insurers increase collection of premiums in April 2020
Azerbaijan's Elektrogas talks opening of plant for manufacturing heating equipment
Uzbekistan reveals data on future projects in Syrdarya region
Data on naphtha shipment via Turkish ports from Jan. through Apr. 2020 revealed
Azerbaijan reports 262 new COVID-19 cases
Supply of gas to remote areas of Turkmenistan's Dashoguz region increasing
Baku Stock Exchange holds auction on placement of Central Bank's notes
Russian ETN-Cyclone commissions coal chemical plant in Kazakhstan
UNICEF Uzbekistan opens tender for purchase of off-road vehicles
Iranian president inaugurates 8 water, power projects
EU supports Azerbaijan's integration to green economy - FAO
AIIB may co-fund COVID-19 response, expenditure support program in Kazakhstan
Fitch affirms three private banks of Uzbekistan with Stable outlooks
Ireland seeks health officials' backing to speed up reopening plan
Spain maps route for late June tourism opening
France says German recovery plan 'good news', French plan due soon
Uzbekistan sends another batch of wild cherries to South Korea
Stock market expert outlines low-risk sectors in Iran
Residents of some Azerbaijan’s cities may leave homes upon special permission
Uzbekistan issues first license for wholesale of alcohol products
BP, SOCAR agreed on transition period for SCP operatorship
Azerbaijan announces allowed activities during strengthened quarantine
Spain's lower house opens process to create digital tax on internet giants
Kazakhstan's oil & gas company opens tender for oil waste processing
Kazakh-Chinese company to buy spare parts for pumps via tender
Azerbaijani PM appeals to population due to sharp increase in number of cases of coronavirus infection
Azerbaijan's PM talks new restrictions due to spike in COVID-19 infections
Geostat: Trade sector has highest share in total turnover of Georgia's business sector
Amazon in talks to buy $2 billion stake in Indian telco Bharti Airtel
Central Bank of Azerbaijan unveils value of deposits in national currency
Customs service of Turkmenistan improves export control
Total purchases of goods and services by Georgian enterprises up
Azerbaijani Mortgage and Credit Guarantee Fund discloses number of apartments rented by citizens
Azerbaijan to tighten quarantine regime in some cities
Uzbekistan creates inter-parliamentary groups with France, Belgium
Uzbekistan to create joint project institute with South Korean company
Georgia reveals amount of funds to pay debt
Kazakhstan to revisit investment projects pool to up funds attraction
Azerbaijani MP says quarantine regime may be re-applied due to increase in infection cases
Turkey unveils data on cargo transshipment through Istanbul port
Iran reveals its COVID-19 data for June 4
Kazakh company launches camel milk export to China
Azerbaijan discloses data on payments in insurance market for April 2020
Exports from Mexico to Azerbaijan increase 225.49% in first quarter of 2020
LVMH has explored coronavirus impact on Tiffany deal terms
Foreign investments in Uzbekistan grow
Saudi Aramco to delay July OSPs pending OPEC+ meeting
German economy should reach pre-crisis level in H2 2022
OPEC+ may meet this week if laggards agree to comply
Azerbaijani Azexport portal to launch contactless delivery service
Business sector turnover expands in Georgia
Transshipment of goods from Spain via Turkish ports revealed
Georgia reports one new COVID-19 case
Enthusiasm for possible OPEC+ extension subsides
Average monthly amount of mortgage loans in Azerbaijan hits record high
All news