Azerbaijani President Ilham Aliyev said, while visiting London, that implementation of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline project continues “successfully,” despite “certain delays,” RIA Novosti news agency reported on December 13.
“This project represents a perfect example of cooperation on the regional level, as well as on the bilateral level. The BTC helped the development of [the] countries [which are participating in the project] and the entire region as well,” Ilham Aliyev said.
Construction of the BP-led and U.S.-backed BTC pipeline is expected to be finished by March, 2005. It will carry Azeri oil to the Turkish port of Ceyhan, and eventually to western markets, via Georgia.
President of the Azerbaijani state oil company SOCAR Natik Aliyev said in late November that the expenses for BTC construction will exceed the initially planned budget and will cost around USD 4 billion, 350-400 million more than originally expected.
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