Putin signs law for construction of Russia-Balkan pipeline

Jun 15, 2007 02:00 AM

Russia's president Vladimir Putin signed a federal law ratifying a deal to build a oil pipeline across the Balkan states to Europe.
The deal to build the Burgas-Alexandroupolis pipeline was signed March 15 with Greece and Bulgaria to carry Russian oil via the Bulgarian Black Sea port of Burgas and Greece's Alexandroupolis on the Aegean.

Russia's state-controlled oil producer Rosneft, Transneft, and energy giant Gazprom will hold a total of 51 % in the project, while Greece and Bulgaria will control 24.5 % each.
Putin also said expansion of the Caspian Pipeline Consortium (CPC) should be synchronized with the construction of the Burgas-Alexandroupolis pipeline. The CPC is a 935-mile oil pipeline from the Tengiz oil field in Kazakhstan to the Russian Black Sea port of Novorossiysk and the largest single US investment in Russia.

Source: Neftegaz.ru
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