By Ekpen James Omonbude (auth.)
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Additional info for Cross-border Oil and Gas Pipelines and the Role of the Transit Country: Economics, Challenges, and Solutions
The discussion so far has not linked the economics of pipelines to transit country behaviour post-construction or to the transit fee. It has, however, provided the basis for the discussion in the following section of the economics of transit, the concept of economic rent, and its implication for the transit fee. 5 The economics of transit This discussion of the economics of pipelines has implications for crossborder pipelines and also transit pipelines. The key factor in discussing the implications for transit pipelines is the addition of another player – the transit country – to the cross-border economics.
By way of recapitulation, there are four key parties to transit fee agreements (for the purposes of this book): the company operating the pipeline, the producer country, the transit country (both pure transit and off-taker), and the destination country (the market or connection point to other markets). It should, however, be noted that the final destination could be the high seas, in which case the role of destination countries is weakened at best, and more likely non-existent. This chapter, therefore, concentrates on the producer and transit countries.
Mutually beneficial diplomatic relations between the countries could reduce this imbalance. Contribution to the cost of the project Parties involved in meeting the costs of a project obviously have a direct interest in the project. What this implies in relation to the levels of risk aversion of the parties (especially the transit country) is that there is less likelihood of breakdown: the more direct involvement (or responsibility) a party has in the cost aspects of the project, the more risk averse the party will be.
Cross-border Oil and Gas Pipelines and the Role of the Transit Country: Economics, Challenges, and Solutions by Ekpen James Omonbude (auth.)