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. Last Updated: 07/27/2016

Baku-Ceyhan Finance

BAKU, Azerbaijan -- Azerbaijan's state oil company SOCAR plans to present its concept for a pipeline to carry crude oil to Turkey at the start of next week, a senior SOCAR official said Wednesday.

"On May 29, SOCAR will invite all the companies working in Azerbaijan to a presentation of the Baku-Ceyhan pipeline in order to formulate a sponsor group to create a pipeline company and solve the financing issue," SOCAR's foreign investment chief Valekh Aleskerov told journalists.

But industry sources say that proven oil reserves in Azerbaijan are not yet large enough to justify the project and that it will be difficult to find financing for the $2.4 billion link, which is slated to carry one million barrels per day.