Remarks by Ambassador Beyrle
Remarks by Ambassdor Beyrle at the Caspian Pipeline Consortium (CPC) Expansion Memorandum of Understanding Signing Ceremony
Marriott Grand, Arkhangelsky Hall
December 17, 2008
Today, I am pleased to say that U.S. and Russian governments are in complete agreement on the need for expansion of this important pipeline. Expansion of the CPC is truly a win-win development that addresses a key hurdle to efficient transportation of large new volumes of crude oil to markets. The project taps the global expertise of its partners, including several American firms, in a rare and necessary show of cooperation between governments and private companies representing a variety of international interests.
I have done my share of multi-lateral negotiations and appreciate how difficult it can be, both logistically and substantively, to make something like this work. I offer my praise for the years of hard work put forth by so many dedicated representatives of the various shareholders who have respectfully but with determination pushed for the conclusion of this important agreement.
Furthermore, at a time of constrained credit and cutbacks in large-scale investment projects, CPC expansion also steers needed capital into a worthy, long-term infrastructure project that will benefit all shareholders and the global economy, while providing immediate economic benefits and employment to the thousands who will work on this project for the next several years.
I congratulate the parties on this occasion and urge you to keep the momentum going to see expansion through to completion. I understand that the first phase of expansion may be completed by 2011 (while I expect to still be in Russia), and that the final phase is expected to be complete by 2013. Projects like this, with their decades-long time horizons and billions of dollars of investments, are part of the glue that sustains important political and economic bonds, even as inevitable storms blow through our broader relationships.
I have followed the issue of CPC expansion with interest for many years now and I am thrilled to be here to witness this event that signals the beginning of expansion. I wish you all many decades of successful operations.