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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Olaf Koch who started this subject6/6/2001 7:47:31 PM
From: Greywolf  Read Replies (2) of 95453
 
Caspian oil of "high priority" for US,

US wants lion's share of the oil and gas
reserves of Caspian Sea.

High oil prices, continuing electricity crisis in California and
escalating violence in the Mideast have all urged the United States
to accelerate effrtos aimed at "rediscovering oil and gas reserves in
the Caspian Sea", a senior US energy expert was quoted as saying here
Wednesday.

The German daily Berliner Zeitung quoted Bernhard Reich as
saying, "The Caspian Sea region is of high priority to the United
States." Reich is a senior energy advisor who suggests the US
administration on oil and gas related issues.

"The Caspian oil will probably never reach the American market. We
have however interest in the exploration and expansion of transport
capacities which will reduce the price pressure on the global market,"
added Reich.

Washington, adamantly opposes the far less expensive Iranian
transport route of Caspian oil and gas and is pressing hard for the
Baku-Ceyhan pipeline which is estimated to cost between dlrs 2.4 to
5.2 billion.

Oil companies remain reluctant to invest in the American and
Turkish initiative citing the high price tags.
"Washington and Ankara are supporting this expensive and
unpractical project for strategic rather than political
considerations," said vice president of the influential CATO
economic institute Ted Carpenter.

Some 200 billion barrels or roughly 10 percent of the world's
potential oil reserves, are thought to lie under and around the
Caspian Sea.

At today's prices it could add up to $4 trillion dollars.
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