Russia, Greece and Bulgaria to Construct Oil Pipeline

Russian President Vladimir Putin is due to arrive in Athens on Thursday for the signing of the final inter-state agreement between Greece, Russia and Bulgaria for the construction of the Burgas-Alexandroupolis oil pipeline, Athens News Agency reported on Sunday.

The target set since last September, when the three countries committed themselves through the Athens Memorandum for the signing of the inter-state agreement, was for the project to start within 2008 and to be concluded early 2011.

On Thursday, Greek Development Minister Dimitris Sioufas, Russian Energy Minister Viktor Khristenko and Bulgarian Regional Development and Public Works Minister Valentin Cerovski will sign the inter-state agreement which gives the "green light" to the companies which will participate in the project to proceed in setting up an international construction and management company.

The pipeline, connecting the Bulgarian Black Sea port of Burgas with the Greek port of Alexandroupolis in the northeastern Aegean, is expected to transport 35 million tons of crude oil per year with the possibility of increasing output to 50 million tons. It will be 280 kilometers long, of which 155 kilometers will be on Bulgarian territory.