Project Profile
Value: US$1,449 Million
Startup Month: Q4
Startup Year: 2012
The planned pipeline would run from Bulgaria to Greece, connecting the Black Sea and Aegean and will serve as a bypass around the Bosphorus strait. The project envisages transporting Russian oil through the Black Sea to Burgas in Bulgaria and then constructing a 280-km, 35 million mt/year pipeline to then transport it to the Greek Aegean Sea port of Alexandroupolis. The oil transported through the pipeline will expand in several stages, with first stage capacity starting at 15 million tonnes per year (300,000 bpd), and rising to 24 million tonnes per year (480,000 bpd) and 35 million tonnes per year (700,000 bpd) respectively in stages two and three. The pipeline will also have a capacity of 50 million tonnes per year (1 million bpd).
The pipeline will rival the new US$4 billion Baku-Tblisi-Ceyhan pipeline from Azerbaijan to the Mediterranean that bypasses Russian soil and will pump between 300,000 bpd and 400,000 bpd of Azeri crude to world markets by the end of the year, rising to 1 million bpd in 2008.
Combined with a Turkish-Greek-Italian pipeline pumping natural gas from the Caspian Sea and the Middle East to Europe operating by early next year, the pipeline would help turn Greece into a southeast European energy hub.
Russia will own 51% of the line, Greece and Bulgaria each have 24.5%.
Operators:
TK-BA (Trans-Balkan Consortium): 51% Russian interest
Which is made up of constituent companies:
Transneft
Gazprom Neft
Rosneft
Government of Bulgaria: 24.5% interest
Government of Greece: 24.5% interest
Contractors:
Trans Balkan Pipeline (TBP): EPC
ILF Consulting Engineers: Feasibility study and consultancy
Giprotruboprovod: Technical review
Asprofos Engineering: Technical review
Himremontstroy: Technical review
Societe Generale: Financial consultancy