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| Business Words in the News
Friday 07 June 2002
Vocabulary from the business news. Listen to and read the report then find explanations of difficult words below.
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Caspian Mediterranean oil pipeline
Summary: A multi-national oil consortium based in the former Soviet republic of Azerbaijan is to go ahead with a three-billion-dollar pipeline to link the Caspian and Mediterranean Seas. The pipeline will pump a million barrels of oil a day from the Caspian seaport of Baku in Azerbaijan to the Turkish port of Ceyhan in the Mediterranean. This report from Chloe Arnold.
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| | The News | |
| | | Speaking at the annual oil and gas show in the Azeri capital, Baku, the head of British Petroleum's operation in Azerbaijan, David Woodward, said the final decision on the proposed pipeline would be made in two weeks' time. British Petroleum is the major stakeholder in a consortium of oil companies funding the multi-billion-dollar project.
The pipeline will stretch almost two-thousand kilometres from Azerbaijan to the Turkish Mediterranean port of Ceyhan via the former Soviet republic of Georgia. Mr Woodward said the go-ahead for construction would most likely be given in July, but project officials say there may be a delay of a few months before work on the pipeline begins. The pipeline will cost almost three-billion dollars and will export offshore oil from the Azeri sector of the Caspian Sea to the Mediterranean.
It'll be the first major export route for Caspian oil which bypasses Russian territory. The pipeline has been strongly backed by the government of the United States, but officials in Moscow have said it's unlikely to be economical. The consortium expects the pipeline to be completed by the end of 2004.
Chloe Arnold, BBC, Baku
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| | The Words
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| | | proposed
suggested
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| | | major stakeholder
here, the company within the group with the most interest in the project
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| | | consortium
a group of several companies
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| | | stretch
something is said to ‘stretch’ if it covers a great distance
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| | | go-ahead
final agreement that a project can officially start
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| | | offshore oil
oil gathered from under the sea
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| | | sector
here, a part of a sea which belongs to a specific country
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| | | bypasses
goes around without entering
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| | | strongly backed
given lots of support
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| | | economical
here, able to make a profit
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