Greece and Bulgaria agree on construction of pipeline to transport Russian oil

After long and complicated negotiations, Greece and Bulgaria have agreed on the construction of a pipeline to supply Russian oil from Burgas (Bulgaria) to the Greek port of Alexandroupolis.

OPEC's General Secretariat in Vienna told RIA Novosti that the negotiations for the construction of a 256-km-long pipeline costing $700 million had lasted seven years. The new pipeline will transport 25 million tonnes of oil every year.

The current stage of negotiations was conducted by prime ministers of Greece and Bulgaria Kostas Simitis and Simeon Saxe-Coburg-Gotha. According to Simitis, the two countries and Russia will work out a common approach to all details of the project. "We have agreed with Bulgaria that the two states will participate in the project on parity basis and we will abide by the common rules," Simitis said.

According to Simeon Saxe-Coburg-Gotha, "time has come to implement this major mutually advantageous project."

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