Plans have being prepared for the construction of three rail tunnels, together worth $70M, under the Kerch Strait in the Ukraine that will be used to transport oil from the Caspian region to Europe.
The scheme has been drawn up by ESPO on behalf of the Crimean government and has been approved by the Ukrainian economy and finance ministries.
Work involves building three 8.8km long single-track tunnels, expected to be completed within 42 months. ESPO has proposed the creation of a development company, in which the Russian and Ukrainian governments will have 30% each and the Crimean government and the administration of the Krasnodar Territory 20%, to oversee tunnel construction.
