Regional Development Minister Assen Gagauzov, Macedonian economy minister Vera Rafajlovska and Albanian economy minister Genc Ruli signed on January 31 an agreement for the construction of a Balkan oil pipeline.

Gagauzov said that the pipeline construction would aid regional development and the development of European transport corridor VIII.

The pipeline from the Bulgarian coastal city of Bourgas to Albania's Vlora was also going to boost productivity and activity in the two cities, Gagauzov said as quoted by Focus news agency.

Gagauzov said that the project was going to increase the importance of the region for European energy policies.

The region through which the pipeline would pass would have guaranteed peace, stability and economic development, said Gagauzov.

Rafajlovska said all parties involved wished the fast conclusion of the project. Ruli said that Albania has always supported common energy projects.

The length of the pipeline is 912km. The annual transit of crude petroleum is expected to reach 35 million tons. Investment in the project totals $1.2 billion.