Bulgarian PM Signs Burgas-Alexandroupolis Deal March 15
Business | March 7, 2007, Wednesday
Prime Minister Sergey Stanishev will represent Bulgaria at the signing of the deal for the construction and operation of the Burgas-Alexandroupolis oil pipeline in Athens on March 15, the cabinet's press service said on Wednesday.
Reports in Russian media claimed President Vladimir Putin will represent Russia at the signing, Darik News reported.
Bulgaria, Greece and Russia were due to sign the deal for the pipeline in Athens on Tuesday, but the event was postponed until next week, allegedly to iron out the last kinks over its wording, according to an earlier report by RIA-Novosti.
Initially developed in the mid 1990s, the strategic oil pipeline is projected to transport Russian crude oil along a land route that bypasses the traffic-congested Bosphorus and Hellespont straits. Its initial capacity is set at 35 million tonnes a year, but it can be increased to 50 million tonnes a year.
Three Russian energy companies are to acquire a joint 51% stake in the operations of the Burgas-Alexandroupolis oil pipeline. The remainder will be shared out between Bulgaria and Greece.
U.S. oil major Chevron could buy into the consortium, after Bulgaria's Economy Minister Rumen Ovcharov discussed the issue with two of Chevron's vice-presidents earlier this week.
The pipeline will be 280 kilometres long, including 166 kilometres through seven municipalities in South-eastern Bulgaria. The cost of the project is set at USD 700- 900 M.
Reports in Russian media claimed President Vladimir Putin will represent Russia at the signing, Darik News reported.
Bulgaria, Greece and Russia were due to sign the deal for the pipeline in Athens on Tuesday, but the event was postponed until next week, allegedly to iron out the last kinks over its wording, according to an earlier report by RIA-Novosti.
Initially developed in the mid 1990s, the strategic oil pipeline is projected to transport Russian crude oil along a land route that bypasses the traffic-congested Bosphorus and Hellespont straits. Its initial capacity is set at 35 million tonnes a year, but it can be increased to 50 million tonnes a year.
Three Russian energy companies are to acquire a joint 51% stake in the operations of the Burgas-Alexandroupolis oil pipeline. The remainder will be shared out between Bulgaria and Greece.
U.S. oil major Chevron could buy into the consortium, after Bulgaria's Economy Minister Rumen Ovcharov discussed the issue with two of Chevron's vice-presidents earlier this week.
The pipeline will be 280 kilometres long, including 166 kilometres through seven municipalities in South-eastern Bulgaria. The cost of the project is set at USD 700- 900 M.
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