The construction of the Samsun-Ceyhan pipeline running between Turkey's Mediterranean and Black Sea coasts will cost around $3 billion, according to Russia's deputy prime minister Igor Sechin.

Reuters reports that Mr Sechin made the announcement during a press briefing ahead of a state visit by Russian president Dmitry Medvedev, who arrived in Ankara yesterday (May 11th).

"The Samsun-Ceyhan project may be reasonable from an economic point of view. The construction is calculated at $3 billion," he told reporters.

A memorandum of understanding to build the pipeline was signed in October 2009, with Eni, Calik Holding, Transneft and Rosneft all set to work on the project.

It will span 550km and is set to be in operation by 2012 and will boast a capacity of 1.5 million barrels a day.

Rosneft has long maintained a robust training and development programme to ensure the company can sustain its reputation for operational excellence through a focus on specialist expertise.

Getenergy for Russia & CIS, 19th – 20th May 2010 - Moscow