Russian President Vladimir Putin, Greek Prime Minister Konstantinos Karamanlis and Bulgarian Prime Minister Sergei Stanishev participated in the ceremonial signing of the intergovernmental agreements on constructing and operating the trans-Balkan Burgas – Alexandroupolis oil pipeline.
Industry and Energy Minister Viktor Khristenko signed the document on Russia’s behalf.
The agreement is subject to ratification by the three countries’ parliaments. Once ratified, the pipeline will start being constructed.
The project will enhance energy security in Europe and reduce the environmental risks associated with the increased pressure on the traditional ways for transporting oil and gas in the region. The Burgas – Alexandroupolis pipeline go overland through Greek and Bulgarian territory and reduce the volume of oil tankers travelling through the congested straits of the Bosphorous and the Dardanelles.
The Russian party considers this pipeline to be one of the most practical and promising projects as part of a general effort to diversify oil export routes. Constructing a trans-Balkan oil pipeline will to some extent solve the problem of exporting Russian energy to western Europe.