Baku News

28 November 2006 - Gazeta.Kz - A Kazakh Caspian oil transportation system is planned to be formed by 2010. The total value of the project is approximately $1 billion 600 million. Mahambet Batyrbayev, Vice President of JSC "NC "KazMunaiGaz", Director of KMG Office for Western Region, has stated this at the I Caspian Investment Forum. According to him, the system will include a pipeline Iskene-Kuryk with an oil terminal, transportation by tankers through the Caspian Sea to Baku and further - via the pipeline Baku-Tbilisi-Ceyhan. "This system will allow to transport annually 25 million tonnes from Kuryk port at the first phase with a following increase to 38 million tonnes per annum," he has stressed, Kazakhstan Today correspondent reports. He has also observed that around $700 million will be invested into construction of a terminal in Kuryk port. Around $400 million will be invested into the construction of tankers. Also it is planned to build up a terminal on the territory of Azerbaijan. Its value is going to amount to $570 million.