An agreement was reached on equal participation of Bulgaria, Greece and Russia in the Burgas- Alexandroupolis oil pipline, Dimitris Kopelouzos, Director General of Greece’s Prometheus Gas, told BBC. According to him, each country will have 33% stake in the project. The joint venture that will include companies from the three countries will promote the project at future presentations to oil companies and banks in Almaty, Moscow and London. The stakes that each of the countries will hold in a bigger joint venture that would construct the pipeline are to be decided at a meeting on March 6 in Athens. The new venture will be called Trans-Balkan Pipeline. Bulgaria insists that it gets a 33% stake and is being supported by Russia. However, reportedly Greece wishes Bulgaria’s participation to be limited to 20% since Bulgaria was allegedly unable to find funding for the project. According to various sources, quoted by Dnevnik daily the construction of the pipeline will cost EUR 700 M. Bulgaria hopes to earn EUR 50 M a year from transit fees after the project is completed.