Agreement reached over pan-European oil pipeline

An agreement has been signed in Bucharest between Romania, Serbia and Croatia to take part in the construction of a pan-European oil pipeline (PEOP). JP Transnafta CEO Nebojsa Lemajic said that a development company, PDC, would be set up in the coming month and a half in London, and that legal experts from all the signatory countries would coordinate with each other and prepare the necessary documentation for the registration of the new company charged with building the PEOP. Agreement reached over pan-European oil pipeline According to Lemajic, an operational meeting of representatives of the signatory countries is due to be held today, where the new company’s logistic basis and further developmental steps would be discussed. Construction of the pipeline, with an estimated annual capacity of between 60 and 90 million tons, is expected to cost around USD 3.5bn altogether, while the stretch passing through Serbia will cost around USD 300mn. The pan-European pipeline will allow oil to be transported from the eastern zone of the Black Sea to the European market. The PEOP project agreement was due to be signed at the beginning of April, but Romania requested a postponement of talks on the pipeline because of the NATO summit that was held in Bucharest from April 1 to 4. A ministerial declaration was signed in April last year in Zagreb, whereby states on the route and the EU expressed their political support for the project. The pan-European oil pipeline stretching 1400 km is planned to cross Romania, Serbia, Croatia and Slovenia on its way to Italy. The shareholders in the newly formed company for carrying out this project will be authorized companies from countries that the pipeline will cross through.

Agreement reached over pan-European oil pipeline

According to Lemajić, an operational meeting of representatives of the signatory countries is due to be held today, where the new company’s logistic basis and further developmental steps would be discussed.

Construction of the pipeline, with an estimated annual capacity of between 60 and 90 million tons, is expected to cost around USD 3.5bn altogether, while the stretch passing through Serbia will cost around USD 300mn.

The pan-European pipeline will allow oil to be transported from the eastern zone of the Black Sea to the European market.

The PEOP project agreement was due to be signed at the beginning of April, but Romania requested a postponement of talks on the pipeline because of the NATO summit that was held in Bucharest from April 1 to 4.

A ministerial declaration was signed in April last year in Zagreb, whereby states on the route and the EU expressed their political support for the project.

The pan-European oil pipeline stretching 1400 km is planned to cross Romania, Serbia, Croatia and Slovenia on its way to Italy.

The shareholders in the newly formed company for carrying out this project will be authorized companies from countries that the pipeline will cross through.