Economic Calendar

Friday, August 8, 2008

BP Turkey Pipeline Still Burning, Delaying Assessment of Damage

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By Ali Berat Meric and Ben Holland

Aug. 8 (Bloomberg) -- A fire on BP Plc's oil pipeline in eastern Turkey may keep burning today and tomorrow, delaying the start of damage assessment, Turkey's Energy Ministry said.

About 70,000 barrels of oil had burned as of late last night, leaving another 30,000 barrels to burn out before experts can start assessing damage to the 6-kilometer stretch of the pipeline in eastern Turkey where the fire occurred, Mehmet Akif Sam, a spokesman for the ministry, said in a phone interview today. That may not happen until Aug. 10, he said.

The fire has shut down the pipeline that carries oil from Azerbaijan to Turkey, and halted crude exports from the Turkish port of Ceyhan. The Kurdistan Workers' Party, or PKK, said it bombed the pipeline as part of its campaign for autonomy in southeast Turkey.

The pipeline may stay closed for two weeks while the damage is repaired, Turkish officials said yesterday.

To contact the reporter on this story: Ben Holland in Istanbul at bholland1@bloomberg.net.


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