Posted by meb at October 19th, 2009

Italy, Russia and Turkey signed an agreement on building the Samsun-Ceyhan oil pipeline, according to Eni, Italy’s biggest oil company.

The project underscores a “joint commitment to enhance energy security,” according to a statement issued by Eni on Monday. The pipeline will run between Samsun on Turkey’s Black Sea coast and the Mediterranean port of Ceyhan.

The accord was signed in Milan Tuesday by Turkey’s Energy Minister Taner Yıldız, Italy’s Economy Minister Claudio Scajola and Russia’s Deputy Prime Minister Igor Sechin and Energy Minister Sergei Shmatko.

Eni and Turkey’s Çalık Holding, which each own 50 percent, also signed a memorandum of understanding with Transneft and Rosneft on the participation of the Russian companies, according to the statement.

The 550-kilometer (342-mile) link, known as the Trans Anatolian Pipeline, will have a capacity of 1 million barrels a day, which may increase to 1.5 million barrels, according to Eni.
source: Hurriyet daily news