IFC considers financing Ceyhan pipeline
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD) have been asked to consider financing the Baku-Tbilisi-Ceyhan oil pipeline project and ACG Phase 1 project.
The BTC pipeline will run approximately 1,760 kilometers from oilfields in the Caspian Sea in Azerbaijan, through Georgia to a terminal at Ceyhan on the Mediterranean coast of Turkey.
IFC and EBRD have released documentation for a period of 120-days for public comment. As an integral part of this public comment period, EBRD and IFC are planning on holding a multistakeholder forum (MSF) meetings in Azerbaijan, Georgia, and Turkey. The meetings are intended to build on and complement the considerable public consultation already undertaken by the projects.
The planned 1760-kilometer oil pipeline is backed by BP (UK), Unocal (US) Statoil (Norway), Turkiye Petroleum (Turkey), ENI (Italy), TotalFinaElf (France), Itochu Oil (Japan), Delta Hess (US/Saudi Arabia) and the State Oil Company of Azerbaijan. Slated for completion in 2005, it would operate for at least 40 years.
Over sixty non-governmental organizations (NGOs), most of which are European-based, have urged international financial institutions and bilateral export credit agencies to deny funding for the multi-billion-dollar oil pipeline. They claim that the BP -Turkey agreement, known as the Host Government Agreement (HGA), creates a corridor running through some of Turkey’s most politically volatile regions. The NGOs claim that the HGA allows the consortium building the pipeline to demand unlimited protection from Turkish security forces, without safeguards against human rights abuses. — (menareport.com)
© 2003 Mena Report (www.menareport.com)