Russian President Vladimir Putin signed a law on Thursday to ratify a deal between Russia, Bulgaria and Greece to build a pipeline across the Balkans to send oil to Europe and the United States.
President Putin announced the decision at a meeting with Semen Vainshtork, head of the Russian pipeline monopolist Transneft. The Federation Council endorsed the ratification on May 25.
The deal to build the Burgas-Alexandroupolis pipeline was sealed in Athens on March 15 with Greece and Bulgaria.
The 285-km-long pipeline is to be stretched via Greece and Bulgaria to ease the transportation load on the Bosporus and Dardanelles straits.
The pipeline’s annual capacity of 35 million tons of oil could be further increased to 50 million tons. The project is worth an estimated €1 billion.
Russia owns 51 percent in the project. Bulgaria and Greece each hold 24.5 percent in the deal.
President Putin announced the decision at a meeting with Semen Vainshtork, head of the Russian pipeline monopolist Transneft. The Federation Council endorsed the ratification on May 25.
The deal to build the Burgas-Alexandroupolis pipeline was sealed in Athens on March 15 with Greece and Bulgaria.
The 285-km-long pipeline is to be stretched via Greece and Bulgaria to ease the transportation load on the Bosporus and Dardanelles straits. The pipeline’s annual capacity of 35 million tons of oil could be further increased to 50 million tons. The project is worth an estimated €1 billion.
Russia owns 51 percent in the project. Bulgaria and Greece each hold 24.5 percent in the deal.
Greece and Bulgaria’s parliaments have already ratified the agreement.
Bulgaria
Transneft
Burgas-Alexandroupolis pipeline
Semen Vainshtork
pipeline
Russia
