ECONOMY
BTC OIL AND BTE GAS PIPELINES CONSTRUCTION PROGRESSES ACCORDING TO SCHEDULE
According to president of BP-Azerbaijan David Woodward, the total capital inputs amount to $2 billion 950 million. Two third of this sum will be given as credit in 15 commercial banks through the International Finance Corporation, European Bank for Reconstruction and Development and other export-credit agencies while the rest will be paid by BP and its partners. Financial problems were settled in February as Azerbaijan has received $1 billion 650 million tranche. The construction of the pipeline will end in early 2005 and first oil will be delivered to Ceyhan port in five months.
D. Woodward said that the construction of the South Caucasus export gas pipeline, 42 inches in diameter, had begun. It will stretch from Sangachal terminal to Erzurum. The first 8,5 billion cubic meters of gas will be delivered to markets of Azerbaijan, Georgia and Turkey in late 2004.
At present, the construction of both pipelines is going on in accordance with schedule.