A consortium of ENI and Calik Energy expects to start constructing a pipeline that will carry Caspian oil to the Mediterranean by the first quarter of next year, according to a consortium source quoted in Turkey newspaper Hurriyet.
ENI is expected to finance the pipeline, the cost of which is estimated at $US4 billion, and the company sees oil in its Kazakh Kashagan and Karachaganak fields as a start to the pipeline throughput.
The pipeline will run approximately 550 km from the Black Sea port of Samsun to the Mediterranean energy hub of Ceyhan, bypassing the congested Bosphorus and Canakkale straits.
The project is in competition with the Russian-backed pipeline plan to transport Kazakhstan’s oil from the Russian Black Sea port of Novorossiisk by tanker to the Bulgarian port of Bourgas and then by pipeline to the Greek port of Alexandroupolis.
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