ECONOMY

ENI strikes Turkey pipeline deal

MILAN (Reuters) – Italy’s oil and gas firm ENI said yesterday it had agreed with Turkey’s Calik to develop plans for a crude oil pipeline from the Black Sea to the Mediterranean that aims to bypass the shipping bottleneck at the Turkish straits. The two will undertake an engineering and design study on building a pipeline with capacity to pump a million barrels of day from the Turkish port of Samsun on the Black Sea to the oil terminal of Ceyhan on the Mediterranean, ENI said in a statement. «We found an agreement to set up a 50:50 company with the Turkish group which will be focusing on the basic engineering for the pipeline,« said ENI CFO Marco Mangiagalli. «The next step will be obtaining licenses from the government.»