Showing posts with label The Istanbul/Constantinople canal project. Show all posts
Showing posts with label The Istanbul/Constantinople canal project. Show all posts

Saturday, April 27, 2013

Turkey’s “new Bosporus”: risks and benefits / Ο νέος Βόσπορος ως κλειδί για την κυριαρχία των ΗΠΑ στη Μ.Θάλασσα

The Istanbul/Constantinople canal project
Turkey’s government has given the go-ahead to the Canal Istanbul project linking the Black and Marmara Seas and allowing ships to bypass the crowded Bosphorus Strait. Its construction may seem economically controversial, but may appear geopolitically beneficial, experts say.
The idea was first voiced by Turkey’s Prime Minister Recep Tayyip Erdoğan during his election campaign back in 2011. The project aims to relieve the congested Bosphorus Strait as well as to improve the Strait’s ecology and navigation safety by shifting tanker traffic to the new canal.
The project looks perfect at first site, but experts believe it’s an absolute utopia. The minimum costs are estimated at 20 bln dollars while the Canal is expected to go into operation by 2023. Therefore, the payback period of the project is now almost impossible to estimate.
The project is expected to be mainly funded by the government while private investors are to contribute one third of the needed sum.

EL News