Turkey earns $12 billion from Baku pipeline

The Turkish Petroleum Corporation (TPAO) has gained an income of 12 billion dollars from the Baku-Tbilisi-Ceyhan, says Turkey's energy minister.

Turkey earns $12 billion from Baku pipeline

World Bulletin / News Desk

The Turkish Petroleum Corporation (TPAO) has earned 12 billion dollars from the Baku-Tbilisi-Ceyhan (BTC) crude oil pipeline since 2005 when oil from Baku was first pumped, Turkish Minister of Energy Taner Yildiz said on Monday.

During his speech in the Turkish province of Adana, Yildiz underlined the importance of BTC pipeline for the region and stated that TPAO has 6.5 percent of the shares in the BTC crude oil pipeline. British Petrolium (BP) and State Oil Company of the Azerbaijan Republic (SOCAR) hold the majority of the shares in BTC pipeline with 30 percent and 20 percent respectively. The pipeline has transported more than 1.8 billion barrels of crude oil to date.

Nearly 3 percent of the world's oil trade is flowing along the BTC and Kirkuk-Yumurtalik crude oil pipelines (through Turkey). The BTC pipeline has been transporting Azeri oil from the Caspian Sea to the Ceyhan Port of Turkey through Georgian capital of Tblisi. The oil is then exported to European markets via the Mediterranean Sea. 

Last Mod: 24 Mart 2014, 15:01
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