Russia and Greece sign for Burgas to Alexandroupolis pipeline

May 19, 1999 02:00 AM

Greece and Russia signed a memorandum securing the future of an oil pipeline project, which will allow Russia to export its crude oil from Bulgaria's Black Sea port of Burgas to the north-eastern Greek port of Alexandroupolis.
The memorandum was signed during a meeting between Greek Development Minister Evangelos Venizelos and Russian Deputy Minister of Fuel and Energy Mrs. E. Telegina.
Both sides agreed to proceed as soon as possible to a detailed examination and a feasibility study.
They also agreed to expedite the establishment of the international company "Trans-Balkan Pipeline SA," which will build and operate the pipeline and reaffirmed the previous agreement on share participation in the authorised capital of the company.
The Russian side proposed that a trilateral meeting should take place in Moscow in July in order to finalise and sign the statute of "TransBalkan."

In 1994, Greece, Russia and Bulgaria signed an initial agreement for the construction of the 300 km high-pressure pipeline, which will have a capacity of 600,000 bpd .

Source: Xinhua via Newspage
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