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The Romanian Ministry of Economy and Finance and the similar institutions in Croatia and Serbia signed yesterday in Bucharest the agreement on the making of a development company for the Constanta-Trieste oil pipe project: the PEOP (Pan European Oil Pipeline). After about 10 years of talks, the oil pipeline to fetch oil from the Caspian Sea region to the Western consumers is now to be achieved. Romania is actually turning into a bridge between the East and the West, due to this project and to the Nabucco gas pipeline as well.

According to Viorel Palasca, a state secretary in the Romanian Ministry of Economy, the project company of the Constanta-Trieste pipeline is to be registered in London in 45 days' time, as London is to house its social headquarters.

The company is to hold 2,100 shares of 100 pounds each. Romania owns a third of the company's capital via the Conpet and the Oil Terminal, each of them with 35,000 pound participation. The Transnafta is Serbia's representative and the Janaf company represents Croatia. Each of the latter states is to own a third of shares.

The above-mentioned Romanian official mentions: "We are waiting for Slovania and Italy to get involved in this company. So far these two states have not decided on the companies to represent them in the project. Italy is to announce a decision most likely after the making of a new government and we have got positive response coming from this side." And he adds: "We have talked to the representatives of Kazahstan and Azerbadjan. They are interested in getting to be at least providers in this project or investors and participants."

The feasibility research has already been completed in partnership with the World Bank. According to the research, the pipeline's capacity is to reach 60 million tons a year and the project is to be accomplished in 2009-2013. The funds needsd are 2,9-3,3 billion Euro. (...) (G.M.)