ChevronTexaco's Matzke says Caspian oil projects still on despite US strikes
MOSCOW (AFX) - ChevronTexaco vice chairman Richard Matzke said ongoing oil development projects in the Caspian Sea area will not be delayed by the US-led air strikes against the Taliban in Afghanistan.
"I think this has heightened our awareness and concern, but it won't slow anything down," he said, adding that projects currently in the works will take investors "north and west" of the Caspian rather than "south and east" toward war-torn Afghanistan.
Those projects include the 1,730-kilometer pipeline link between Baku, Azerbaijan and Ceyhan, Turkey, which the US has proposed as the main export route for oil from the Caspian Sea.
Meanwhile, US Secretary of Commerce Donald Evans praised Russia's economic progress and said Washington want to encourage US investment in the Russian economy, at a news conference to mark the first loading of oil transported by the Caspian Pipeline Consortium.
"(Russian) reforms and actions demonstrate that they are serious about developing a market-based economy and democracy here," Evans said.
"This project, US companies' largest investment in Russia so far, will send a powerful signal back to America that the time is right to invest in Russia," he added.
Referring to the new 2.5 bln usd, 1,580 km pipeline between western Kazakhstan and the Russian Black Sea port of Novorossiisk, in which ChevronTexaco is a major investor, Matzke said: "Once the pipeline builds up to its designed capacity (of 28 mln tonnes a year), there will be dividends for everyone -- governments as well as owners. It will be a very profitable venture for all."
Russia is the largest shareholder with 24 pct of the CPC shares while Kazakhstan and Oman have 19 pct and 7 pct respectively. Chevron owns a 15 pct stake.
Other CPC shareholders are Russian-American LukArco, UK and Russian Rosneft-Shell Caspian Ventures, Mobil Caspian Pipeline Co, Agip, BG, Kazakhstan Pipeline Ventures and Oryx. |
