Greece and Bulgaria sign memorandum on Balkan oil project

Jan 29, 2003 01:00 AM

Minister of Regional Development and Public Works Valentin Tserovski and his Greek colleague Minister Apostolos-Athanasios Tsokhatzopoulos signed a memorandum on technical cooperation in the study and design of the Burgas-Alexandroupolis oil pipeline. Their Russian colleague did not attend the signing.
The two sides agreed to inform the Russian government about the signing of the memorandum. They also expressed conviction that Russia will also sign the document. Minister Tserovski was on a two-day official visit to Greece. The visit is at the invitation of Greek Development Minister Apostolos-Athanasios Tsokhatzopoulos.

The Burgas-Alexandroupolis pipeline is a three-way venture involving also Greece and Russia. The oil pipeline is the first stage of a broader framework project on the transiting of crude oil.
The pipeline will be 280 km long. The Bulgarian section is 166 km and will run via seven municipalities in South-eastern Bulgaria. Bulgaria, Greece and Russia have an equal participation in the project.

The meeting on December 3, during which Bulgaria, Russia and Greece were to sign a Memorandum for Cooperation in implementing the project, was postponed at Russia's request. A Bulgarian company for the oil pipeline project is scheduled to be elected till April 1.
In case the companies to do not agree on a share out, the government will set up a commercial partnership and float it on the stock exchange, Minister Tserovski announced.

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