Bulgarian parliament approved the declaration of Regional Development and Public Works Minister Assen Gagauzov concerning the Bourgas-Alexandroupolis pipeline project.

The project is worth nearly $700 million and the annual capacity of the pipeline will be from 35 to 50 million tons of oil, Council of Ministers said.

The pipeline will have positive influence on Bulgaria's economy and will improve the competitiveness of Bourgas port. It will also guarantee Bulgaria's position within the global and European oil and natural gas transportation net, Prime Minister Sergei Stanishev said.

The project will open 1000 new work places.

Oil for consumers from the Mediterranean countries and Western Europe as as well as from the US will pass through the pipeline, Stanishev said.

International Project Company set up by the participants in the project Bulgaria, Greece and Russia will manage the pipeline.

The Council of Ministers has to decide who will represent Bulgaria at the signing of the agreement in Athens, Gagauzov said. The agreement will be probably signed on March 6 or 9, Bulgarian National Radio reported.