By OGJ editors
HOUSTON, Apr. 4 -- Energy ministers from five southern European countries signed an agreement to cooperate and support the proposed construction of a 1,300-1,400 km oil pipeline linking the Black Sea port of Constanta, Romania, to Trieste, Italy. The Apr. 3 signing ceremony was in Croatia's capital of Sabreb for the proposed Pan-European oil pipeline, which would transport Caspian Sea oil.
Officials from Italy, Croatia, Slovenia, Serbia, and Romania signed the agreement. European Union Energy Commissioner Andris Piebalgs also signed the agreement, saying he believes the Caspian Sea region will supply more oil to the world market in the future. Piebalgs said Europe needs new infrastructure to fulfill rising oil demand.
"A lot of work still stands before us," Piebalgs said of the pipeline. Oil from the proposed pipeline eventually could be transported to western European markets. The energy ministers agreed to promote public support and attract financial backers to the project. Construction of the proposed $2.6 billion pipeline is expected to begin during 2011-13.
