Baku, Azerbaijan, April 9
By Emil Ismayilov - Trend:
Sarmatia International Pipeline Company prepares for another board meeting to be held in Warsaw on April 10, Sarmatia International Pipeline Company director general Sergei Skripka told Trend on April 7.
He was answering a question about the possible impact of Ukraine's events on the implementation of the pipeline project.
Sarmatia IPC was created by Ukrtransnafta and the Polish PERN Przyjazn company on July 12, 2004 to attract investments to design and complete the Odessa-Brody oil pipeline to Plotsk.
"At present, the operations are being conducted at the level of meetings as part of the project," he said.
The report on the company's activity for 2013 is planned to be approved during this meeting.
Sarmatia's action plan for 2014 will be also discussed.
Moreover, the board intends to appeal to the company's general meeting about improving the company's authorized capital.
At the moment Sarmatia's participants include the State Oil Company of Azerbaijan (SOCAR), the Georgian Oil and Gas Corporation Ltd. (GOGC), Ukrainian Ukrtransnafta, Polish Przedsiebiorstwo Eksploatacji Rurociagow Naftowych Przyjazn S.A. and Lithuanian AB Klaipedos Nafta. Each of the main participants has 24.75 percent of equity participation and the Lithuanian company has one percent.
The Sarmatia International Pipeline Company's authorized capital is about 4.65 million euros. The authorized capital must be increased by several times for the more active operations.
The Brody-Plotsk oil pipeline (Adam's gate) is an integral part of the Euro-Asian Oil Transportation Corridor (EAOTC).
The research on choosing the oil pipeline's future route has been completed. The length of the route will be 377 kilometers, some 120 kilometers of which will be built in Ukraine, and 257 kilometers in Poland.
The Odessa-Brody oil transportation project was planned to diversify oil supplies to Ukrainian refineries and develop the country's transit potential. The pipeline's construction was completed in May 2002. The main line has a length of 674 kilometers, with a pipe diameter of 1,020 millimeters. The pipeline's and terminal's capacity is 9-14 million tons per year.
Translated by NH
Edited by CN