National audit offices in Bulgaria, Greece and Russia will examine the Bourgas- Alexandeoupolis oil pipeline project.

Auditing will enable the efficient utilisation of funds for the project, head of Russia’s national auditing office Sergei Stepashin said.

Stepashin is in Athens, where he co-ordinated the inspection with his Greek colleagues, Bulgarian National Radio reported. To develop economic co-operation, it was important for relations between financial control institutions to evolve, Stepashin said.

Inspection will concern the state funds allocated to the project. Greece and Russia already reached an agreement, which Bulgarian auditors are expected to join in.

According to the signed agreement the pipeline will be 280km long. Nearly 155km are located in Bulgaria.

An international project company will own and manage the pipeline. Bulgaria and Greece will have 24.5 per cent of the shares in the company and Russia is to have 51 per cent.

The value of the projected to be completed in 2010 is estimated at $1.3 billion.