TURKEY NOT TO PAY A FINE FOR DELAY IN CONSTRUCTION OF BTC PIPELINE
Turkey will not pay a fine for delay in the construction of the Baku-Tbilisi-Ceyhan (BTC) pipeline, Trend reports referring to the Turkish вЂ�ZamanвЂ™ newspaper.
The participant of the international consortium treats the delay in the construction of the Turkish section of the BTC pipeline with understanding and will not apply sanction in regard to Turkey.
In accordance with the agreement, Turkey undertook to pay $500,000 for every delaying day to the participants of the project and the total term of delay may not exceed 240 days.
97.5 percents of the construction work at the Turkish section of the pipeline has been completed. The Azerbaijani oil will pass the Georgian border in early October. The work on shipment of oil at the Turkish Ceyhan port is also under completion.
The first tanker will unmoor from the Turkish port in the last quarter of 2005.
Turkey will also receive rent for territories, where the pipeline was laid.