BTC Expenses Exceed Planned Budget

President of the State Oil Company of Azerbaijan (SOCAR) Natig Aliyev said that the expenses for the construction of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline will exceed the planned budget, Turan news agency and Baku Today reported on November 17.

Natig Aliyev said over $3 billion has already been spent on the project. It was earlier expected that the BTC construction would require USD 2,95 billion.

He said that the increase in expenses is due to delays in construction of the pipeline sections in Georgia and Turkey. The President of the SOCAR added that 98% of construction works have already been completed.