Construction of the Bourgas-Alexandroupolis oil pipeline could be launched in the beginning of 2008, Russian deputy prime minister Sergei Narishkin said.

The project could be completed in 2009, Narishkin said as quoted by Russian news agency ITAR-TASS.

All details of the pipeline are settled between Russia, Greece and Bulgaria and the Russian cabinet approved the tripartite agreement.

The agreement will be signed during the visit of Russian president Vlamidir Putin to Athens on March 14 and 15 2007, Narishkin said.

A company supervising the project will be established after the signing. Russia will hold 51 per cent of the new company, while Bulgaria and Greece will divide equal shares of 24.5 per cent.

Bourgas-Alexandroupolis pipeline will transport Russian oil through Bulgaria to the Greek port of Alexandroupolis.

Negotiations on the project started in 1993 but the countries are finally to sign the construction and utilisation agreement.