Bulgaria Govt Proposes Denunciation of Burgas-Alexandrouppolis Oil Pipeline Agreement
Bulgaria's government has proposed to Parliament to denounce the trilateral intergovernmental agreement for the construction and exploitation of the Burgas-Alexandroupolis oil pipeline.
The step comes after the expiration of Bulgaria's proposal from last year for a termination of the IGA by mutual consent, according to reports of the government's press office.
The government decision has been taken in connection with the conclusions reached during the first stage of the work of the International Project Company - the project development phase.
According to analyses, the Burgas-Alexandroupolis oil pipeline can not be implemented under the conditions stipulated in the agreement from 2007.
As a result, Bulgaria is taking steps to terminate the country's participation in the project, according to the media statement of the government.
The Bulgarian government adopted a decision to withdraw from the oil pipeline project in early December 2011.
Bulgaria's Council of Ministers noted hat the project could not be implemented under the parameters set out in the intergovernmental agreement with Russia and Greece from 2007.
Bulgaria proposed a termination of the IGA by mutual consent, adding that the country would withdraw from the project unilaterally within 12 months if this did not happen.
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