Greece, Russia and Bulgaria signed the Bourgas-Alexandroupolis oil pipeline agreement in Athens on March 15.
Russian president Vladimir Putin, Greek prime minister Costas Karamanlis and his Bulgarian counterpart Sergei Stanishev were present at the signing.
Stanishev said that signing the agreement marked a new beginning rather than the end of a process.
“I am optimistic about the results that the international company responsible for the project will achieve,” Stanishev said as quoted by Focus news agency.
Putin said that the pipeline will boost the development of the energy sector. The signing of the project will help Russia diversify and increase its energy supply to the world market, he said.
Media reported that the project marks a new era in the relations between Bulgaria, Russia and Greece. The pipeline will benefit not only the three countries but the international energy market, Greek television NET reported.
The construction of the pipeline will start in 2008 and is expected to finish within 18 months. The pipeline will carry 35 million tons of oil per year with the option for increase to 50 million tons in 2009 and 2010.
Bourgas-Alexandroupolis pipeline project started in 1993 and experienced several delays. The agreement had to be signed on March 6, 2007, but the procedure was postponed.
The pipeline will transport Russian oil through the Bulgarian port of Bourgas to the Greek Alexandroupolis and to other foreign markets. The route will bypass the busy Turkish straits Bosporus and Dardanelles and is expected to lower the prices of energy supply.
Russian president Vladimir Putin, Greek prime minister Costas Karamanlis and his Bulgarian counterpart Sergei Stanishev were present at the signing.
Stanishev said that signing the agreement marked a new beginning rather than the end of a process.
“I am optimistic about the results that the international company responsible for the project will achieve,” Stanishev said as quoted by Focus news agency.
Putin said that the pipeline will boost the development of the energy sector. The signing of the project will help Russia diversify and increase its energy supply to the world market, he said.
Media reported that the project marks a new era in the relations between Bulgaria, Russia and Greece. The pipeline will benefit not only the three countries but the international energy market, Greek television NET reported.
The construction of the pipeline will start in 2008 and is expected to finish within 18 months. The pipeline will carry 35 million tons of oil per year with the option for increase to 50 million tons in 2009 and 2010.
Bourgas-Alexandroupolis pipeline project started in 1993 and experienced several delays. The agreement had to be signed on March 6, 2007, but the procedure was postponed.
The pipeline will transport Russian oil through the Bulgarian port of Bourgas to the Greek Alexandroupolis and to other foreign markets. The route will bypass the busy Turkish straits Bosporus and Dardanelles and is expected to lower the prices of energy supply.
