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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.

  Pipeline
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.
   
The News Listen  
  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


 
   
The Words Listen
 
  proposed
suggested

 
   
  major stakeholder
here, the company within the group with the most interest in the project

 
   
  consortium
a group of several companies

 
   
  stretch
something is said to ‘stretch’ if it covers a great distance

 
   
  go-ahead
final agreement that a project can officially start

 
   
  offshore oil
oil gathered from under the sea

 
   
  sector
here, a part of a sea which belongs to a specific country

 
   
  bypasses
goes around without entering

 
   
  strongly backed
given lots of support

 
   
  economical
here, able to make a profit

 
   
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