The agreement for the creation of the International Project Company, which would construct the Bourgas-Alexandroupolis oil pipeline, was signed on December 18 in the head office of Russian Transneft, Bulgarian news agency BTA quoted ITAR-TASS as saying.

The 285 km long pipeline would transport the fuel around the dangerous and overloaded Bosphorus strait, Dnevnik daily said.

The pipeline would start at the Bulgarian Black Sea port of Bourgas and would reach the Greek Aegean Sea port of Alexandroupolis.

The pipeline was expected to be completed in 2009.