Summary

The landlocked nature of the Caspian Region threw up a maze of Transit Pipeline routes for exporting its oil reserves especially that within the Azeri-Chirag-Gunashli deep-water fields to the international market. While the Baku-Tbilisi-Ceyhan (BTC) Transit pipeline had been held up as the best option in view of its potential benefits to all stakeholders, including revenue generation and the ability of its pipeline delivered oil to enhance security of supply by reducing dependence on OPEC and the volatile Middle East and leverage international oil prices, many problems associated ...