The $4 billion pipeline, which runs for some 1,700 kilometres through Azerbaijan, Georgian and down to Turkey’s Mediterranean coast, has a daily capacity of 1 million barrels.

Addressing the ceremony, Turkish Prime Minister Recep Tayyip Erdogan said that he believed pipeline would make a valuable and tangible contributions to peace, stability and prosperity in the world and would pave the way for similar projects.

“Today, we are gathered here to formally open one of the biggest energy projects of the world,” he said. “The BTC is an engineering miracle as well as a story of great success. The project, which constitutes the most important element of the East-West Energy Corridor, will reshape the future of our region. The BTC is of vital importance in regard to economic and social development of the region. The pipeline also proved that we cannot reach prosperity, stability, economic and social development without providing energy safety.”

Erdogan said that with the world’s energy demand expected to grow by 60 percent by 2030 the BTC would make a tangible contribution to the development of the world’s energy security.

“The project will also help us in our efforts to ease tanker traffic at the Turkish Straits, which has been posing a serious threat against environment and daily life,” he said.

Azeri President Ilham Aliyev said the project had a global importance and was a successful example of international co-operation. The BTC was a successful economic, political and technological example to the whole world, he said.

Apart from the Presidents of Turkey, Azerbaijan and Georgia, among those taking part in the ceremony were BTC CEO Michael Townshend, BP CEO Lord Browne, the Prime Minister Ferdi Sabit Soyer of the Turkish Republic of Northern Cyprus (TRNC), British Deputy Prime Minister John Prescott, and ministers and deputy ministers from 31 countries.