Greece Ready to Renegotiate Terms of BA Pipeline to See it Built

Business » ENERGY | December 16, 2011, Friday // 15:21
Bulgaria: Greece Ready to Renegotiate Terms of BA Pipeline to See it Built The 280-km pipeline, planned to link the Black Sea port of Burgas to Alexandroupolis on the Aegean Sea, was designed to transport 35 million tons of oil a year. File photo

Greece is ready to renegotiate the terms for the implementation of the Burgas-Alexandroupolis project in order to see the oil pipeline completed, according to Greek Minister of Environment, Energy and Climate Change George Papakonstantinou.

Last week, Bulgaria's government decided to quit the Bulgarian-Greek-Russian project for the construction of the oil pipeline on the grounds that it is financially and economically unsound and could not be executedunder the terms of the 2007 agreement.

In an interview for online news portal GR Reporter, Papakonstantinou noted that the project was one of crucial importance for Greece and the country was willing to implement it.

"We are very sorry for the concrete current stance of the Bulgarian government and we would like to see the existing problems solved. We are ready to reopen talks with the two other interested parties so that we can find an opportunity to implement the project in some other format," the Greek minister said.

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

Upon receiving official notice of Bulgaria's stance, Russia voiced hopes that the views of all interested parties would be taken into consideration when the final decision is made.

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Tags: Russia, greece, oil pipeline, Burgas-Alexandroupolis, Finance Minister Simeon Djankov

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