Baku-Tbilisi-Ceyhan oil pipeline unprofitable for Turkey

December 26, 2009 - 14:28 AMT
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.
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