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OIL PIPELINE PROJECT DRAFTED
Business | May 25, 2001, Friday // 00:00
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The drafting of the oil pipeline Burgas-Alexandroupolis project is initiated, Evgeni Chachev, Minister of Construction and Regional Development, said. The oil will be transported by tankers from the Russian town of Novorosiisk to the Bulgarian Black Sea port of Burgas. Then it will be transported via the pipeline to Greece. The project price will be EUR 600 M plus, Chachev said. Subcontractors will be Russian, Bulgarian and Greek companies which have to extend 25% of the financing. A joint company, Transbalkan Oil Pipeline, will be set up. Bulgaria insists on equal participation of the three countries. Initially the shares were fixed at 35% for Russia and Greece each and 25% for Bulgaria.
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