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Russia, Bulgaria and Greece sign agreement on construction of Transbalkan oil pipeline

Russia, Bulgaria and Greece sign agreement on construction of Transbalkan oil pipeline
# 15 March 2007 16:13 (UTC +04:00)
Russia, Bulgaria and Greece signed an agreement on construction of Transbalkan oil pipeline, APA reports. The project on the construction of oil pipeline costs EUR1bn.
The oil will be transported from Black Sea ports though Bulgaria and Greece to the US and Asia – Pacific Ocean region.
35 million barrel oil will be transported by 280km-Burgos-Alexandropoulos pipeline, it is expected to be 50 million barrel in future.
International Project Company to be founded by the participant countries will run the oil pipeline.
Russia will have 51% shares, Bulgaria 24.5% and Greece 24.5% shares of the consortium.
Rosneft, Gazprom and Transneft companies will represent Russia in the International Project Company. /APA/
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