Baku-Ceyhan Pipeline Talks in Progress

Published: 3 March 2000 y., Friday
The expert working groups that took part in the talks, which began on February 26th, are carefully working out every point in the draft agreement between potential investors and Georgia accross whose territory the pipeline is due to pass, Natik Aliyev, president of Azerbaijani state oil company SOCAR, told reporters on Thursday. "All is being done to ensure the normal functioning of the pipeline over several decades," Aliyev said. Aliyev also said that the talks in Turkey had produced an agreement on one issue that had remained unresolved following talks in Georgia in mid-February. As Interfax has learned from informed sources, until recently the main point of contention in the talks had been the issue of Georgia_s responsibility for pipeline security in force-majeur circumstances: natural disasters, terrorism or vandalism. The draft agreement contains a clause on "comprehensive damages" under which Georgia will be responsible for financing the costs of correcting damage to the pipeline within Georgia, as well as for paying compensation for damages to the consortium, including losses from lower oil production and idle tankers and refining capacity in Ceyhan. Georgia says it cannot afford to accept those liabilities. Officials in Tbilisi say the draft agreement is a threat to Georgia_s sovereignty and perhaps even its independence. If a terrorist attack were to take out one of three $55 million - $60 million substations in Georgia, the costs under the "comprehensive damages" clause would total at least $150 million.
Šaltinis: Interfax
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Georgia: Kakheti Regional Road Improvement Project

The Kakheti Regional Roads Improvement Project for Georgia aims to reduce transport costs and improve access and traffic safety for the Kakheti regional roads. more »

The Cultural Days of the European Central Bank 2009 come to an end

“Don Quixote – Made in Romania” brought the curtain down on the Cultural Days of the European Central Bank (ECB) 2009, with an expressive combination of tap dance, folklore, pantomime and martial arts. more »

The capital of the Latvian bank AS “Latvijas Krajbanka”, managed by Bank SNORAS, increased by LTL 45 million

The Latvian Finance and Capital Market Commission permitted Mr. Vladimir Antonov, who is also the main shareholder of AB Bank SNORAS, to acquire and manage up to 33 per cent of the shareholding of the Latvian bank AS “Latvijas Krajbanka”. more »

New Asphalt Plant

On October 30, the French-capital company “Eurovia Lietuva” opened a new asphalt plant near the capital city Vilnius. The company invested EUR 3.5 million into the new factory which is located near the old manufacturing facility to be closed soon. more »

The shareholders of AB Bank SNORAS endorsed increasing the authorized capital up to LTL 500 million

During the extraordinary general shareholders' meeting of AB Bank SNORAS, which took place on 5th November 2009, it was decided by additional contributions to increase the authorized capital of the bank by more than LTL 88 million. more »

New Asphalt Plant

The French-capital company “Eurovia Lietuva” opened a new asphalt plant near the capital city Vilnius. more »

Baltic Banking Among the Most Advanced in CEE

“Banking Market in the Baltics 2009-2011, CEE Banking Brief” report recently presented by Intelace Research states that, despite the current economic recession, Estonia, Latvia and Lithuania are still among the most advanced banking markets in Central and Eastern Europe (CEE). more »

AB Bank SNORAS will include LTL 72.5 million bond emission in the second level capital of the bank

The Bank of Lithuania permitted AB Bank SNORAS to include in the second level capital LTL 72.5 million (EUR 21 million) worth emission of termless debt securities distributed via non-public distribution on 31st August this year. more »

Financial, Economic and Social Crisis Committee holds opening session

The remit of the Parliamentary Committee set up to examine the financial crisis was debated at its first meeting on Wednesday (4 November). more »

Borderless banking

Europeans can now use direct debit from their home account to pay bills anywhere in the EU. more »