Baku-Tbilisi-Ceyhan oil pipeline unprofitable for Turkey
26.12.2009 14:28 GMT+04:00

/PanARMENIAN.Net/ The Baku-Tbilisi-Ceyhan project is unprofitable for
Turkey, the Turkish "Vatan" newspaper wrote, referring to a secret
report sent by the BOTAS company to the commission of the Grand
National Assembly of Turkey. The latter examines the work of state
enterprises and the Supreme Control Office of the Cabinet of Turkey.

According to the report, BOTAS has suffered 210 million dollars losses
within 3 years from the Baku-Tbilisi-Ceyhan project and if the current
contract is not changed, the losses will increase.

The Commission held a closed meeting on December 9 at the Turkish
Grand National Assembly.

BOTAS International LTD suffers losses for 2 reasons. First, contracts
do not contain any guarantees of the volume of exported oil. Second,
due to increased prices for gas BOTAS also suffered losses. BOTAS
requires from BTC Co. guarantees of supply of agreed volumes and
denominated stable gas prices.