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Article

12 Feb 2007

Author:
MarketWatch

BP's BTC [Baku-Tbilisi-Ceyhan] pipeline needs extra monitoring-US agency

Extra monitoring is needed on BP PLC's (BP) Baku-Tbilisi-Ceyhan pipeline, particularly on cracks and leakages in its coating, the U.S. Overseas Private Investment Corporation, or OPIC, said in a report...A BP spokesperson said it had received the OPIC report and that the report "acknowledges BTC's extensive and comprehensive reporting to the lenders throughout the construction of the pipeline...Based upon our initial review of the report, we are confident that our extensive ongoing monitoring and assurance program for BTC addresses the recommendations made to BP during the construction process. We will work closely with OPIC to clarify any actions that are required of BP in the future."