An oil pipeline being built in Turkmenistan will supply up to 3 million metric tons of oil a year to oil refineries in Turkmenbashi (formerly Krasnovodsk), a port on the Caspian Sea.
The Ministry of Oil, Natural Gas and Mineral Resources reported that in August 2003, the decision to build an oil pipeline to transport crude oil from deposits in Korpedzhe to Turkmenbashi was made.
The 172 kilometer long oil pipeline will be completed by January 2005 and linked up with the existing system of transporting oil to the Turkmenbashi refineries.
A consortium was created to implement this estimated $60 million project. Ukrgazpromstroi, Turkmenneftegazstroi, Caspro Pipeline Service AG, Ferrostaal Piping Supply GmbH and John. Heinr Bornemann Gmbh are members of the consortium.
Last year, 10 million metric tons of oil (a 111% increase from 2003) were extracted from Turkmenistan and 6.8 million metric tons (a 119% increase from 2003) were processed in Turkmenistan.