The European Union approved the signing of the agreement for the construction of the Bourgas-Alexandroupolis oil pipeline project, European Commission press release said.

On March 15 representatives of Bulgaria, Russia and Greece gathered in Athens to sign the long-awaited agreement.

European energy commissioner Andris Piebalgs welcomed the agreement.

“Given the increasing density of maritime traffic in the enclosed Black Sea and additional quantities of oil exported from the region, it is of utmost importance to give a higher priority to the alternative of transporting oil by pipelines,” Piebalgs said.

EU sees the project of European, rather than of regional importance, the press release said.

BBC reported that Russia finally agreed to join the project that will enable the bypassing of the busy Bosporus Strait in the transportation of oil.

Deal negotiations have lasted nearly 13 years, BBC reported. The value of the project is expected to reach as much as 900 million euro.

Previously US welcomed the agreement between the three countries as a way to diversify the energy provision means in Europe.