July 2010 Vol. 237 No. 7

Projects

Russia, Turkey Agree On Energy Investment Program

Russia and Turkey have signed deals which their leaders hope will bring over $25 billion in mutual investment including construction of Turkey’s first nuclear power plant and the Samsun-Ceyhan oil pipeline.

Some $3 billion will be invested in construction of the pipeline being built by the Turkish holding Calik Energy and Italy’s ENI.

Construction of the 700-km (435-mile) pipeline through Turkey with a capacity of 60-70 million tons of oil a year (1.2-1.4 million bbl/d), is one of the top priorities for the two nations. It will stretch from the Black Sea city of Samsum to the Mediterranean city of Ceyhan in the country’s south. Future plans may include construction of a jointly owned refinery.