Russia's Ministry of Foreign Affairs has received an official statement from Bulgaria confirming the Balkan country's decision to abandon the Burgas-Alexandroupolis oil pipeline.

"The situation is being discussed by the competent Russian authorities and the corporate participants in the project," the Russian RBK Daily informs.

A final decision will be made after all concerned parties have shared their views on the issue, the paper adds.

Last Wednesday, Bulgaria's government announced it would terminate its participation in the Burgas-Alexandroupolis oil pipeline project, explaining that it was economically unfavorable for the country.

Bulgaria's Finance Minister Simeon Djankov revealed that his country will seek a termination of the trilateral intergovernmental agreement by mutual consent and if the request is rejected, it will pull out of the oil pipeline project in 12 months, as one of the clauses of the contract stipulates.

Ever since the center-right government of Bulgarian Prime Minister Boyko Borisov took office in the summer of 2009, it has been balking at the construction of the Burgas-Alexandroupolis oil pipeline, which had been promoted vigorously by the formed Socialist-led Stanishev Cabinet and the Socialist President of Bulgaria, Georgi Parvanov. It has also been met with staunch resistance along Bulgaria's southern Black Sea coast over environmental concerns.

In September, Russian oil pipeline monopoly Transneft said it will freeze the construction of the troubled project.