Baku News

10 May 2007 - APA - Romania's Oil Terminal Company joined the consortium of states participating in the implementation of the oil pipeline project Constance-Trieste-Paneurope envisaging transportation of the Caspian oil, Mircha Taiss, head of the development programs of the company said. He said that the representatives of five states participating in the construction of the pipeline will specify the regulations of the consortium and sign it in the office of Oil Terminal in Constance on July 3-4. Taiss said that the company will participate here as Constance is the starting point of the new pipeline. The main aim of Constance-Trieste pipeline that will unite Romania's port on the shore of Black sea and Italy's port on the shore of the Adriatic Sea, is to bypass Bosporus strait. "So, the influence of non-EU member Turkey can be avoided and European countries can be provided with non-Russian oil, especially of Kazakhstan and Azerbaijan," he said. 1350-km pipeline will cost EUR3.5bn. Romania shares 650km of this pipeline. The pipeline to unite Romania, Serbia, Croatia, Slovenia and Italy will have an access to Transalpine pipeline from Trieste to Hamburg (Germany). Oil Terminal Company, founded in 1898 has the biggest oil terminal of south-eastern Europe.