US Chevron May Join Burgas Pipeline Project - Report

The head of Russia's Transneft organisation suggests that US energy giant Chevron may join the management of the Burgas-Alexandroupolis pipeline project. Photo by chevron.com

America's Chevron Corporation may join the Burgas-Alexandroupolis project, according to the Chief Executive of Russian oil pipeline specialist "Transneft".

CEO Nikolay Tokarev spoke about the prospects of partners joining the management of the pipeline project, adding that it was likely that Chevron might well be included. "All interested parties may join," he said.

The American corporation already has a 15% stake in the Caspian Pipeline Consortium (CPC) pipeline for transferring Caspian oil to the Georgian port of Supsa. Tokarev explained the connection in an interview in his company's magazine..

"After the expansion of the CPC and the outlet of trans-Caucasian pipeline in Supsa, through which the Kazakhstan and Azerbaijan raw material will flow, there will be enough oil for the Burgas-Alexandroupolis pipeline too. According to our calculations, the prospects for realization of the Samsun-Ceyhan pipeline will become clear by the middle of 2010.”

The Transneft chief commented on the current Bulgarian attitude to the project, that passes through the territory.

"As to the Burgas-Alexandroupolis oil pipeline, we need a clear position to be stated by the Bulgarian side, if officially representatives of the government of that country express doubt as to that route, then in an informal setting, by contrast, they admit its viability."

He explained that Bulgaria stood to benefit by up to USD 50 M per annum in transit fees. He also observed that "this project is not accompanied by any environmental risks because it will use the most modern technologies".

The Russian executive outlined further benefits he saw for Bulgaria, if they came to a positive decision to join the project.

"In addition to revenues in the budget, Bulgaria will receive the opportunity to secure itself with oil. A modern terminal will be built in Burgas, and an adequate infrastructure will be set up. In short, the leadership of this country just has to make a decision," he concluded.

The Moscow office of the Chevron Corporation has not commented on the Transneft claims.

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