Russia, Turkey Eye Oil Pipeline

The project is backed by private Turkish company Calik Energy and Italy’s state-controlled Eni through a 50-50 joint venture. Putin proposed that Russia sign a tripartite agreement with Turkey and Italy on the pipeline.

The 555-km pipeline would carry Russian and Kazakh crude from the Black Sea port of Samsun to the Mediterranean port of Ceyhan, after which the oil would travel to Europe by tanker. The pipeline is expected to be completed in 2012 and to transport 1.5 million bpd.