$1b Israel-Turkey oil pipeline planned: Oil will flow from Turkey to Ashkelon, from there to Eilat, to be shipped to India and China
Harold's List
Gal Nissim 20 Sep 05 17:47
Sources inform "Globes" that an oil pipeline will be laid between Israel and Turkey at a cost of $1 billion. An Israeli delegation will discuss the project with the Turkish government next month. Under the initial plan, the pipeline will reach Ashkelon. The oil will flow from there to Eilat, and will then be shipped to the Far East, mostly India and China.
The project will provide an alternative to the Suez Canal, which is unable to handle large ships. The pipeline is expected to make Israel a strategic country in the Middle East a transit country for huge quantities of oil. The Ministry of National Infrastructures supports the venture, and sources estimate that the project could generate huge revenue for the Israeli economy.
The Indian government has announced that it intends to use the pipeline. The Indian oil minister announced that his government was interested in using the Ashkelon-Eilat oil pipeline to transport oil from the Mediterranean Sea to the Red Sea, from where it will be shipped to India in large tankers. Turkey gets its oil from CIS countries.
The Ministry of National Infrastructures explained that the pipeline would cut transportation costs for all parties in the deal.
Up until now, this oil has been exported solely to Western countries by way of Georgia, due to lack of means to transport it to Asian countries.
The first shipment of 600,000 tons of oil will reach Indian oil refining company Bharat Petroleum Corp. Ltd. (BPCL) in January. The oil will be sent by pipeline from Azerbaijan to Georgia. From there, it will be shipped via the Suez Canal to India.
Gal Nissim 20 Sep 05 17:47
Sources inform "Globes" that an oil pipeline will be laid between Israel and Turkey at a cost of $1 billion. An Israeli delegation will discuss the project with the Turkish government next month. Under the initial plan, the pipeline will reach Ashkelon. The oil will flow from there to Eilat, and will then be shipped to the Far East, mostly India and China.
The project will provide an alternative to the Suez Canal, which is unable to handle large ships. The pipeline is expected to make Israel a strategic country in the Middle East a transit country for huge quantities of oil. The Ministry of National Infrastructures supports the venture, and sources estimate that the project could generate huge revenue for the Israeli economy.
The Indian government has announced that it intends to use the pipeline. The Indian oil minister announced that his government was interested in using the Ashkelon-Eilat oil pipeline to transport oil from the Mediterranean Sea to the Red Sea, from where it will be shipped to India in large tankers. Turkey gets its oil from CIS countries.
The Ministry of National Infrastructures explained that the pipeline would cut transportation costs for all parties in the deal.
Up until now, this oil has been exported solely to Western countries by way of Georgia, due to lack of means to transport it to Asian countries.
The first shipment of 600,000 tons of oil will reach Indian oil refining company Bharat Petroleum Corp. Ltd. (BPCL) in January. The oil will be sent by pipeline from Azerbaijan to Georgia. From there, it will be shipped via the Suez Canal to India.
posted by Marko at 9/23/2005 12:42:00 PM
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