Russian president Vladimir Putin will sign the Bourgas-Alexandroupolis pipeline agreement on behalf of Russia on March 15.

Bourgas-Alexandroupolis oil pipeline, to connect the Black Sea and the Aegean Sea, will transport Russian oil through Bulgaria to the Greek port of Alexandroupolis.

The project will boost European energy stability and lower ecological risks resulting from the increased load of traditional oil transportation routes, Agence France-Presse (AFP) reported.

Borgas-Alexandroupolis project started in 1993 and experienced several delays due to Russia's doubts of its economic efficiency.

The pipeline will help Russia keep its control over part of the oil transportation routes from the Caspian region, AFP reported.

The construction works are expected to start in 2008 and project costs will total nearly $900 million. The pipeline will carry 700 000 barrels of oil per day and its annual capacity could reach up to 50 million tons in 2009 and 2010.