Agreement reached on Burgas-Alexandroupolis oil pipeline project

29/01/2007

SOFIA, Bulgaria -- Russian, Greek and Bulgarian energy experts have agreed on the text of an agreement to begin the long-stalled Burgas-Alexandroupolis oil pipeline. Bulgarian Regional Development and Public Works Minister Asen Gagauzov said on Friday (January 26th) that two days of trilateral consultations held in Sofia had resulted in text that satisfied all three sides. According to press reports, Russia will hold 51% in the joint venture that will run the project and all related facilities, while Bulgaria and Greece will hold 24.5% each. More information is expected at the signing ceremony, scheduled for February 7th.

The pipeline would connect the Black Sea with the Aegean Sea, avoiding expensive transit fees through the Bosporus. (Dnevnik, 24 Chasa, Naftemporiki - 29/01/07; Focus, AFP - 28/01/07)