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An international consortium of Turkish, U.S. and Kazakh interests is promoting a new plan to build a 125-mile pipeline to bypass Turkey's congested Bosporus and Dardanelles straits, energy journal Nefte Compass reported Aug. 28. The plan envisions a pipeline built entirely on Turkish territory that would transport around 1 million barrels per day of Russian and Caspian crude from tankers on the Turkish Black Sea coast to very large crude carriers waiting in the Aegean Sea.
The consortium, Thrace Development Co., is comprised of members of a prominent Turkish business family, a couple of veteran U.S. oilmen and a former Kazakh government minister with connections in Central Asia's oil industry. The group apparently already has pitched the project to Kazakh President Nursultan Nazarbaev and will soon present the plan to the Turkish government for approval.
They have a good chance of getting it. For one thing, the project has a relatively cheap price tag of around $500 million and could be completed more quickly than other possible alternatives.
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