Oil Pipeline Project Drafted*

From Novinite.com (Sofia News Agency)

May 25, 2011

The drafting of the oil pipeline Burgas-Alexandroupolis project is initiated, Evgeni Chachev, Minister of Construction and Regional Development, said.

The oil will be transported by tankers from the Russian town of Novorosiisk to the Bulgarian Black Sea port of Burgas. Then it will be transported via the pipeline to Greece.

The project price will be EUR 600 M plus, Chachev said. Subcontractors will be Russian, Bulgarian and Greek companies which have to extend 25% of the financing.

A joint company, Transbalkan Oil Pipeline, will be set up. Bulgaria insists on equal participation of the three countries. Initially the shares were fixed at 35% for Russia and Greece each and 25% for Bulgaria.

*As Novinite.com (Sofia News Agency) became 10 years old on Friday, March 11, 2011, we are reprinting selected articles from our archives that we published on the respective day exactly 10 years ago.

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