Russia, Greece, Bulgaria OK text of long-stalled project for pipeline to Aegean |
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Fri, 26 Jan 2007 17:24
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SOFIA (AFX) - Russian, Greek and Bulgarian energy experts have agreed on the text of an agreement to begin a long-stalled pipeline project to channel Russian oil from the Caspian Sea to the Aegean, the Bulgarian regional development ministry said.'Following tripartite consultations held Thursday and Friday in Sofia, the experts agreed on the text of the agreement so that it satisfies all three sides in the project,' the ministry said in a statement.'The intergovernmental agreement will be endorsed by the heads of the tripartite working committee on Feb 7 in the town of Burgas,' it added.Negotiations between the three countries over the 280-kilometre (174-mile) Burgas-Alexandropoulis pipeline to the Aegean Sea have been going on for 14 years, and Greece and Bulgaria had been pressing Russia to sign the agreement by the end of 2006.Meant as a way to avoid shipping through the busy Bosphorus Strait, the project will transport Russian oil by tanker, from the port of Novorossiysk on the Caspian Sea to the Bulgarian Black Sea port of Burgas.It will then be carried by an overland pipeline to Alexandroupolis in northeastern Greece.The pipeline is expected to cost about 900 mln usd (709 mln eur) and transport about 35 mln tons of Russian oil per year.newsdesk@afxnews.comafp/icCOPYRIGHTCopyright 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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