Two chief executives of the British Petroleum (BP), which led construction of the multi-billion Baku-Tbilisi-Ceyhan (BTC) oil pipeline, said on October 12 in Tbilisi that the pipeline, which has the potential to supply ? of the world?s oil demand, will promote stability in the region.
Iain Conn, BP Group Executive Officer, and David Woodward, President of BP-Azerbaijan, held a joint news briefing in Tbilisi on October 12 after the Presidents of Azerbaijan, Georgia and Turkey officially opened an oil pumping station in Georgia?s Gardabani district, marking the launch of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline?s Georgian section.
?Today is a very important day for Georgia, for Azerbaijan and Turkey, and for the rest of the world. This is another major step towards the opening up of a new energy corridor supplying oil to markets both here and on the international oil markets,? Iain Conn said at the news briefing.
He said, that 1 million barrels of oil will be transported through the oil pipeline per day, that makes 1% of the world oil consumption, adding that within the next four years the Baku-Tbilisi-Ceyhan oil pipeline will meet ? of the world requirement.
Iain Conn also noted that the total project, including the fields in Azerbaijan, cost some 20 billion dollars and one billion dollars has been invested in Georgia.
He also said that the project provided 6500 jobs during the construction in Georgia and an estimated 500 jobs will be provided during the operating of the pipeline.
The BP executive officer also said that the 72% of all foreign investments in Georgia last year was made by BP.
He also said that the Georgian Interior Ministry forces will provide security for the pipeline?s Georgian section.
A total of 10 million barrels of oil is needed to fill the 1,760 km long pipeline, 248-km of which is in Georgia. This pipeline is expected to bring Georgia an estimated USD 50 million per year for transit of Azeri oil to the Turkish port of Ceyhan, where it will be made available to western markets.
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