Russian Transneft Rebuts Scrapping Burgas-Alexandroupolis Oil Line

The route of the Burgas-Alexandroupolis oil pipeline on Bulgarian and Greek territory. Map by www.kommersant.ru

Shareholders in the project to build the Burgas-Alexandroupolis oil pipeline have no intentions of giving up on it, the CEO of the Russian oil giant Transneft, Igor Demin, says.

According to Demin, cited by the Russian news agency ITAR-TASS, halting the project had never been put on the table and redirecting the oil to another pipeline is not in the works.

Demin announced that during the Thursday shareholders meeting in Rome, participants only plan to discuss Bulgaria's and Greece's overdue payments for the project.

Bulgaria's financing amounts to EUR 7.3 M, and Greece's – to EUR 1.29 M.

Demin further informed the meeting must decide on reducing to the minimum the full-time, permanent employees and administrative staff of the project company Trans Balkan-Pipeline and negotiating with subcontractors clauses which do not require regular payments.

Demin's comments came on the heels of Russian media publications Moscow is halting financing for the project, mainly because Bulgaria is not paying its dues.

According to Finance Minister, Simeon Djankov,  Bulgaria has not received any official notification Russia plans to withdraw from the project to build the Burgas-Alexandroupolis oil pipeline.

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