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The oil transit pipeline connecting Bulgaria's port of Burgas and Greece's Alexandroupolis should be completed at the end of 2012.
This new deadline was set Tuesday by representatives of the Russian company "Transneft" who met with the Bulgarian Prime Minister Stanishev, and the Regional Development Minister Gagauzov.
The actual works on the ground will start in the fall of 2010. The project is expected to cost about USD 1,2 B, and 51% of the sum will be provided by the Russians, and the remaining by the Bulgarian and Greek sides.
The oil to fill the pipe will be provided by Russia - 18 million tons per year, and by Kazakhstan - 17 million tons per year, Bulgarian National Television reported.
The Transneft CEO, Nikolay Tokarev, has stated his confidence that the project will be realized. He added that 75 experts from the city of Burgas had been invited to see the Transneft terminal in the Caspian Sea in order to make sure the company's technologies are environment-friendly and safe.
Tokarev also made it clear the company was currently negotiating with various banking institutions in order to secure funding, and was using an international consultant for that purpose.
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