Macedonia, Albania and Bulgaria sign oil pipeline convention

Dec 14, 2006 01:00 AM

Regional Development Minister Assen Gagauzov will sign a convention between Bulgaria, Macedonia and Albania on the creation of the Bourgas-Vlora oil pipeline project.
The project is part of the European corridor VIII and passes through the territories of three countries. Bourgas-Vlora pipelines span 870 km. Pipeline capacity will enable it to transfer 35 mm tons of petroleum annually.

Infrastructure investment in the project is expected to reach EUR 1.2 bn. The convention names the terms and guiding principles of the agreement, as well as the rights and obligations of each of the three countries.
On December 28 2004 the prime ministers of the three countries signed a political declaration for the creation of the pipeline. The declaration used as project grounds a concept for Bulgaria's involvement in regional energy projects.

The idea for the creation of such pipeline dated back to 1994.

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