The oil pipeline project Bourgas-Alexandroupolis nears the first execution stage, as Bulgaria, Romania and Russia are getting ready to start work.

Recently various meetings occurred in Athens and Sofia to discuss project details, the Bulgarian National Radio reported. Last week Greek development minister Dimitris Sioufas met in Athens Russian energy minister Anatoly Yanovsky.

Yesterday Bulgarian Economy Minister Roumen Ovcharov and Regional Development Minister Assen Gagauzov met Russian representatives in Sofia. During the meeting national gas supplier Bulgargaz confirmed it is willing to participate in the project.

The online version of the Greek Express newspaper reported Bulgargaz is considering a share in the project evaluated at 700 million euro.

After the completion of the project a new company needs to be created in Bulgaria, in which Bulgargaz will have a 20 per cent participation. The rest will be owned by Universal Terminal Bourgas, created specially to manage the project.

A decision concerning the participation of the new company needs to be taken immediately, as a new meeting between company representatives and other parties involved will occur in Moscow in the end of March.