Russia, Greece and Bulgaria Agreement Approved by EU

The European Union on Thursday welcomed an agreement between Russia, Greece and Bulgaria to build an oil pipeline that links the Black Sea and the Mediterranean.

The pipeline that links the Bulgarian Black Sea port of Burgas with the Greek Mediterranean port of Alexandrou polis will reduce the increasing pressure felt by oil tankers passing through the Bosphorus and the Dardanel straits.

The new pipeline runs almost in parallel with the sea route.

"Given the increasing density of maritime traffic in the enclosed Black Sea and additional quantities of oil exported from the region, it is of utmost importance to give a higher priority to the alternative of transporting oil by pipelines," said EU Energy Commissioner Andris Piebalgs.

"In the oil sector, increasing international concern is being expressed over the threat of maritime accidents and the ensuing significant environmental damage caused by the resulting oil spills, " he said.

The 280-km pipeline will be able to transport 50 million tons of Russian oil from the Caspian Sea each year.

Work on the pipeline is expected to begin next year.