Flag day: as Eni takes a half share in TAPPCO
Eni takes TAPPCO bite
Italian player Eni is set to buy a 50% stake in the Turkish company Trans Anadolu Pipeline Company (TAPPCO), owned by Calik Enerji, for an undisclosed sum.
TAPPCO is planning to build a 550 kilometre pipeline to transport oil from the port of Samsun, on the Black Sea, to Ceyhan, on the country's Mediterranean coast.
The licence to build the pipeline was granted to Calik by the Turkish government in June and transferred to TAPPCO, Eni said.
The pipeline will have a transport capacity of 1.5 million barrels per day and will avoid having to ship oil through the Bosphorus and the Dardanelles straits in Turkey, it added.