A joint Bulgarian, Macedonian and Albanian committee approved the project for the creation of the Bourgas-Vlora oil pipeline, a press release of the Regional Development and Public Works Ministry said.

The committee agreed upon the basics for the development and exploitation of the pipeline, the press release said.

The project has to be approved by Bulgaria’s Council of Ministers and National Assembly.

Later Bulgaria, Macedonia and Albania would have to sign a contract with the company that would prepare the pipeline project, according to the press release.

Bourgas-Vlora oil pipeline will be 870 km long. Its transportation capacity will be 35 million tons of oil annually.

Nearly 1.2 billion euro would be invested in the project, the press release said.