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Constanta-Trieste Oil Pipe Deal To Be Signed In Bucharest, April 22

The partnership agreement between the Romanian, Serbian, Croatian and Italian companies building the Pan-European Oil Pipeline linking Constanta in Romania to Trieste in Italy, could be signed on April 22, in the capital city Bucharest, after the meeting of the interstate committee.
Constanta-Trieste Oil Pipe Deal To Be Signed In Bucharest, April 22
18 apr. 2008, 12:23, English

Viorel Palasca, state secretary in the Romanian Ministry of Economy and Finance said that as long as the representatives of companies part of the project have no objection, the partnership agreement should be signed after the meeting.

The signing of the partnership agreement, initially scheduled for late March, was postponed on political instability in Serbia. The country’s coalition government collapsed last month, after Kosovo’s February 17 declaration of independence.

The 1,400 kilometer-long Constanta-Trieste oil pipeline is estimated to cost some $3.5 billion and is slated for service in 2012.

The European Commission and the energy ministers of five southeast European countries signed a declaration to build the oil pipeline in a move aimed at reducing dependence on the crowded Bosporus Straits in Turkey to supply European markets with Caspian oil.

Romania’s state-owned largest crude terminal Oil Terminal (OIL.RO) and Conpet, the state-owned operator of Romania’s crude oil and oil product pipelines, will become shareholders in the company that will build the oil pipeline.