The Thessaloniki-Skopje oil pipeline resumes operations - It had been suspended since 2013
After more than ten years of interruption, the Thessaloniki-Skopje oil pipeline is returning to operation, after in 2013 the Greek company "Hellenic Petroleum", today HELLENiQ Energy, took it out of use, considering it unprofitable.
The resumption of the transport of oil by-products to North Macedonia is expected to occur by the end of the year.
The construction of the oil pipeline was part of the 1999 agreement with the Greek company "Hellenic Petroleum" for the purchase of the only oil refinery in the country, OKTA.
Now this pipeline system will be called a product pipeline, as it will only transport processed oil products from Thessaloniki to Skopje, while the oil pipeline usually transports crude oil from ports or oil fields directly to refineries, where it is then processed.
The Thessaloniki-Skopje oil pipeline is about 213 kilometers long, with a capacity to transport 2.5 million tons of fuel per year, from the terminals of "Hellenic Petroleum" to the OKTA refinery in Skopje, where the fuel will be stored.
According to the agreement between the two governments, the transportation of fuel will cost 20 euros per ton. If the pipeline operates at full capacity of 2.5 million tons per year, the total value of the service would reach about 50 million euros per year.
The revenues will be shared between the government of North Macedonia, which through the state-owned company "Naftovod" has 20% of the shares in the joint company "Vardaks", where the largest shareholder is "Hellenic Petroleum" with 80% of the shares.
The construction of the oil pipeline was completed in 2002, but ten years later, in 2013, oil processing at OKTA completely stopped.
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