BTC Financial Agreement Signed in Baku

Government officials from Georgia, Turkey and Azerbaijan and creditors signed on February 3 financing agreements for a Baku-Tbilisi-Ceyhan (BTC) oil pipeline to transport Caspian Sea oil to Western markets.

The pipeline consortium, headed by BP, came up with $1 billion of the funding, while the remainder of the cost comes from export-import banks and credits from the European Bank for Reconstruction and Development and the International Finance Corporation.
 
The BTC pipeline is to extend from Baku, across Georgia and to the Turkish port of Ceyhan, where the oil can be loaded onto tankers for Western markets.