EC Hails Russia’s $1Bln Oil Pipeline Project for Balkans

The European Commission regards a $1 billion oil pipeline construction project in the Balkans as an important one, European official said on Wednesday, March 14, on the eve of Russian President Putin’s visit to Greece, where the pipeline deal with be signed.

Russia, Bulgaria, and Greece signed a memorandum on the Burgas-Alexandroupolis pipeline in April 2005. Once completed, the pipeline will pump 35 million metric tons of oil a year, a volume that could eventually be increased to 50 million metric tons.
EC Spokesman for Energy Ferran Tarradellas Espuny was quoted by RIA Novosti as saying that the project is a good example of cooperation with Russia in the energy sector, adding that investments in the project will be attracted from private investors.

Russian President Vladimir Putin will arrive in Greece today to sign an agreement on the construction of the pipeline with his Greek and Bulgarian counterparts.

The 280-kilometer (175-mile) pipeline will pump Russian oil to Europe, the U.S. and the Asia-Pacific region via the Bulgarian Black Sea port of Burgas and Greece’s Alexandroupolis, on the Aegean, enhancing the countries’ roles as key energy transit hubs.

MosNews