Bulgaria, Greece, Russia agree text on long-stalled pipeline deal |
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Wed, 07 Feb 2007 14:24
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SOFIA (AFX) - Bulgaria, Greece, and Russia endorsed the text of an agreement to build a long-stalled pipeline to channel Russian oil from the Caspian Sea to the Aegean, according to Bulgaria's regional development ministry.The 280-kilometre Burgas-Alexandroupolis pipeline, which will bypass Turkey's already jammed Bosphorus Straits, is expected to cost about 900 mln usd.It will transport about 35 mln tons of Russian oil a year, with an option to later increase the capacity to 50 mln tons.The document was approved by Bulgarian Deputy Regional Development Minister Kalin Rogachev, Greek Development Ministry General Secretary Nikos Stefanou and Russian Deputy Minister of Industry and Energy Andrey Dementyev, according to the regional development ministry here.The signing came after Russian President Vladimir Putin threatened last week to find other export markets for its oil if Bulgaria and Greece did not speed up preparations on the project, and brings an end to 14 years of negotiations between the three countries over the deal.newsdesk@afxnews.comafp/abrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Putin threatens to abandon Bulgaria-Greece pipeline project 