BOTAS: Company’s loss from oil transportation via Baku-Ceyhan pipeline will exceed $ 2 bln in 2045

BOTAS: Company’s loss from oil transportation via Baku-Ceyhan pipeline will exceed $ 2 bln in 2045
# 12 April 2011 11:28 (UTC +04:00)
According to him, Turkish government signed an inefficient contract from the viewpoint of economy in 2002.

He noted that, the contract had been signed for 60 years in the term of 40+10+10: “As a result of this contract, BOTAS’s loss increases, gradually. If it continues, our income will make $ 175 mln, expenditure - $ 325 mln until 2045. The loss will hit $ 2 bln, when the contract is over in 2045”.

He also noted that, through Turkey forecasted $ 300 bln from Azeri oil, however the loss increased, gradually: “Company borrowed $ 195 mln loan to continue activity, the debt will reach $91 bln by the end of this year. If it continues we’ll not able to repay the credits. However, Turkey will fulfil the obligations under the any conditions and save our operator style”.

Solen Karavelioglu, General Manager of BTC Turkey noted that BOTAS and BTC were partners: “BOTAS can meet with a loss, but it needs to approach to the issue from Turkish general benefit”.
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