Prime Minister Sergei Stanishev traveled to Athens, where he will attend the signing of the agreement for the construction of the Bourgas- Alexandroupolis oil pipeline project.

On March 14 Stanishev will meet Russian president Vladimir Putin and Greek prime minister Kostas Karamanlis.

Bulgaria, Greece and Russia will sign the agreement on March 15. Regional Development Minister Assen Gagauzov will sign the agreement on behalf of Bulgaria.

Nearly $700 million will be invested in the project. The pipeline will be 280km long and nearly 155km will be located in Bulgaria. Between 35 and 50 million tons of oil will pass through it annually.

The pipeline will have two terminals in the coastal city of Bourgas and in the Greek Alexandroupolis. An international company, having representatives of the three countries, will manage the project.

Russia will have 51 per cent ownership while Bulgaria and Greece have an equal share of 24.5 per cent.