Russia » Economics
Author`s name Michael Simpson

Moscow Negative About Baku-Ceyhan Pipeline

The project of the Caspian Pipeline Consortium is unprofitable either
Russia has confirmed its negative attitude to realization of the Baku-Ceyhan oil pipeline project. A source in the Russian Government states: "We still believe the project is inexpedient from an economic point of view; it is pointless for Russia to participate in the project." The spokesperson for the Russian Government says "Moscow does not see economic advantage in the project."
The source also pointed out that the project of the Caspian Pipeline Consortium is unprofitable. The problem is that registered losses reveal that the project does not function effectively, at the time when its potential is great.
The spokesperson says that the project of the Caspian Pipeline Consortium is meant to pump 60 million tons of oil, but today the project's resources provide for pumping of 28 million tons, and only half of the resource is actually employed. In other words, the structure is obviously unprofitable. ITAR-TASS reports that the source in the Government mentions that although Russia is the founder of the Caspian Pipeline Consortium and holds 24 per cent of its shares, it still gains nothing from the project.

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