The signing of the final agreement for the construction of the Bourgas-Alexandroupolis oil pipeline was postponed, Bulgaria’s Regional Development and Public Works Ministry said.

Bulgaria, Greece and Russia, the three countries involved in the project, had to sign the agreement on March 6 2007 in the Greek capital of Athens, Bulgarian news agency BTA said.

Russia was expected to suggest another date in March 2007, the Regional Development and Ministry told BTA.

Bulgaria’s Regional Development and Ministry declined commenting on the reasons for the delay.

The oil pipeline will transport 35 to 50 million tons of Russian oil per year through the Bulgarian port of Bourgas to the Greek Alexandroupolis. The pipeline will be 280km long and 155km of it will be located in Bulgaria.

Preliminary data shows that the project will cost $700 million. Russian companies hold 51 per cent of the project, while Bulgarian and Greece ones possess equal shares of 24.5 per cent.

Bulgaria will earn $35 to 50 million per year from taxes only.