Caspian oil pipeline deal signed

Five countries have signed a declaration of intent to build an energy grid from Constanca in Romania to Trieste in Italy, announced yesterday by the Serbian Energy Misinstry.

In a meeting in Croatian capital of Zagreb, Italy, Romania, Slovenia, Croatia and Serbia have all agreed to go ahead with the last leg of the project linking the vast Caspian Sea oil reserves with those of Europe. The major grid will go from Romania through Serbia, then Croatia and Slovenia to Italy.
“For us, it is of particular importance that with this signature , Serbia is recognized with a status of a transitory country that finds itself in the midst of the road knots that lead to Europe,” says Slobodan Sokolovic, assistant to the Ministry of Mining and Energy of Serbia.
The pipeline will be 1,319 kilometers or over 700 miles and it is expected that the pipeline will significanltly reduce the tanker congestion at the Bosforus, Turkey and the Adriatic.

The project is expected to start after 2011. 

Source: Serbianna

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