Bulgaria, Russia and Greece endorsed the Bourgas-Alexandroupolis oil pipeline agreement in the Bulgarian coastal city of Bourgas.
Bulgarian Deputy Regional Development Minister Kalin Rogachev, Russian deputy industry and economy minister Andrey Dementiev and Greek secretary general of the development ministry Nikos Stefanou signed the document, Focus news agency reported.
The pipeline project would strengthen Bulgaria's positions on the European energy market, Rogachev said.
Stefanou said that the project is an alternative way of the Bosporus Straight for transportation of oil from Russia and the Black Sea to EU countries. The route is safe and offers opportunities for high economic effectiveness.
The agreement between the three governments will be signed in Athens after which an international project company will have to be set up.
Construction works will start in the beginning of 2008 and have to finish within shortest terms, Stefanou said.
Initially Bourgas- Alexandroupolis will carry 35 million tons of petroleum annually. The quantity can increase to 50 million tons.
Bulgarian Deputy Regional Development Minister Kalin Rogachev, Russian deputy industry and economy minister Andrey Dementiev and Greek secretary general of the development ministry Nikos Stefanou signed the document, Focus news agency reported.
The pipeline project would strengthen Bulgaria's positions on the European energy market, Rogachev said.
Stefanou said that the project is an alternative way of the Bosporus Straight for transportation of oil from Russia and the Black Sea to EU countries. The route is safe and offers opportunities for high economic effectiveness.
The agreement between the three governments will be signed in Athens after which an international project company will have to be set up.
Construction works will start in the beginning of 2008 and have to finish within shortest terms, Stefanou said.
Initially Bourgas- Alexandroupolis will carry 35 million tons of petroleum annually. The quantity can increase to 50 million tons.
