DUBAI: India has expressed keen interest in the over USD 11 billion Med Stream project, a multi-purpose offshore pipeline venture which can transport crude oil at cheaper rates to the country from Turkey.
Officials from India, Turkey and Israel met for the first time on Saturday in the Turkish capital Ankara discussing technical issues of the Med Stream pipeline project. Indian state oil company IOC's Director B M Bansal, Undersecretary of Turkish Energy Ministry Selahattin Cimen and Director General of the Israeli Ministry of National Infrastructure Hezi Kugler had attended the meeting, Kuwait's news agency KUNA reported. The project to connect Turkey and Israel via the Mediterranean Sea is planned to transport oil, natural gas, water, electricity and fiber optic cables. Kugler, speaking to reporters after the meeting, said the project aimed at building a multi-purpose undersea pipeline linking, in its first phase, Turkey with Israel to transfer oil, natural gas, fresh water, electricity cables and fibre optics cables. The Indian side, he said, showed interest in this project specially with regards to the imports of crude oil instead of shipping it by tankers. Initial studies estimated the cost at eight billion euros, said Kugler. Technical studies should begin by end of this year and establishment of the pipeline might begin by the end of next year or in 2010. Israel believes this project was "an economic and strategic option," which would secure 90 per cent of the Jewish state's crude oil needs, as well as reduce the cost of shipping by oil tankers, he said. http://economictimes.indiatimes.com/News/Economy/Multi-purpose_pipeline_project_discussed_in_Indo-Turkey_meet/articleshow/3485823.cms Credit is a system whereby a person who can't pay gets another person who can't pay to guarantee that he can pay. - Charles Dickens --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
