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Page added on March 29, 2009

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Bosphorus future in the pipeline

After the $3.6bn Baku-Tblisi-Ceyhan oil pipeline was commissioned in May 2006, tanker traffic through the strait fell for the first time in 16 years, declining by 100 vessels in 2007 from a peak of 10,154 tankers the previous year. The pipeline delivers up to 1 million barrels per day of Azeri crude to an export terminal on the Turkish Mediterranean coast.

Despite this improvement, the prospects for building additional pipelines for Caspian crude are uncertain, due only partly to the global financial crisis and economic slump. Ankara and Moscow, which both covet transit fees for moving Caspian oil by pipeline over their territories, are at odds over which new project should take priority, and this could also delay development.


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