Balkan pipe for state-owned companies

TNK-BP still hopes to get into the Burgas-Alexandroupolis project

The head of Transneft, Semyon Vainshtok, yesterday announced some details of the participation of the Russian side in the project for the construction of the Burgas-Alexandroupolis oil pipeline (bypassing Turkey, bypassing the Bosporus and Dardanelles straits), which will be implemented jointly with Greece and Bulgaria. For the first time, he officially stated that Russia would be represented in the project only by state-controlled companies - Gazprom Neft, Rosneft and Transneft. Each, he said, will receive an equal share - 33.3% - in the united Russian consortium (or 17% in the oil pipeline itself). At the same time, TNK-BP, which until now was the project coordinator from Russia, but was not included in the number of participants, as its president Robert Dudley said yesterday, hopes to receive a share from other states.

Previously, Transneft in every possible way refused to participate in the Burgas-Alexandroupolis project, the main goal of which is to bypass the Black Sea straits, citing the lack of guarantees from Russian oil workers for pumping oil. At the same time, TNK-BP, as the project coordinator, was unable to come to an agreement with other companies and prepare its feasibility study. In September, during a visit to Greece, Vladimir Putin sharply criticized the work of both the partner countries and the project coordinator, after which officials and Transneft began to prepare a new scheme for participation in the construction of the oil pipeline.

As Mr. Dudley said yesterday, TNK-BP can receive a maximum of 25 percent stake in the project, since two participants cannot sell their shares to one company. He did not specify who will sell this stake to TNK-BP. As is known, Greece and Bulgaria, which do not have oil reserves, are considering the possibility of selling their shares in this project to foreign companies, in particular Kazmunaigas or Chevron (although the partner states have not yet negotiated with the companies), which can supply Caspian oil. Moscow, represented by Transneft, as it turned out yesterday, also links the project for the construction of the Burgas-Alexandroupolis oil pipeline with the expansion of the Caspian Pipeline Consortium, and, as Mr. Weinstock assured yesterday, with maintaining the quality of Caspian oil. He did not talk about TNK-BP’s ability to fill the pipe.

In addition, Mr. Weinstock said that last week he held a meeting with representatives of the Greek side, at which the parties resolved some controversial issues, including the payment of compensation to Bulgaria and Greece by reducing their total share of participation in the project from 66 to 49%. However, the head of Transneft did not specify how this problem would be solved. “They understood our position and changed their minds on a number of issues,” he tactfully noted. Transneft has already prepared an intergovernmental agreement, which also provides for the conditions for the transit of Russian oil through the territories of Bulgaria and Greece. The agreement is planned to be signed by the end of the year.

Anna GORSHKOVA