Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Turks Up Pipeline Price

ANKARA, Turkey -- Turkey has proposed to build the main export pipeline from the Caspian oil fields for a fixed price of $2.7 billion, an energy ministry official said.

The pipeline was supposed to be built for $2.4 billion. But more costly specifications demanded by the international oil consortium, exploiting the Caspian Sea bed, have forced Turkey to demand an extra $250 million to $300 million, said Yurdakul Yigitguden, under secretary of the energy ministry.

The U.S.-backed route would run from Azerbaijan, Baku, to the Turkish Mediterranean port of Ceyhan.

Turkey submitted its proposal in Baku Thursday to the government of Azerbaijan and the Azerbaijan Working Group, which includes internationals such as Exxon and BP-Amoco.