The International Project Company (IPC), the company to manage the Bourgas-Alexandroupolis oil pipeline construction, is set to be incorporated within days, Bulgaria's Regional Development Minister Assen Gagaouzov said on December 14, as quoted by Investor.bg.

He added that Bulgaria, Russia and Greece, all to be shareholders in the IPC, are due to sign the charter. The sealing of the charter is the last prerequisite to meet before incorporating the company.

Gagaouzov countered rumours that saw Bulgaria selling its 24.5 per cent share in the IPC in the short run. He said such a sale could only be made possible after a decision of the government.

Bulgaria, Greece and Russia are set to establish a fund dubbed Environmental Security. The fund would be financed with participating companies' outlays. The money would be used to offset potential environmental damage stemming from the company's operation, Gagaouzov said.