Tuesday, April 12, 2005
CONSTRUCTION OF BURGAS- ALEXANDROUPOLIS OIL PIPELINE TO BE GIVEN "POLITICAL" START
MOSCOW/ATHENS, April 12 (RIA Novosti correspondent) - Russia, Greece and Bulgaria on Tuesday will sign a memorandum on the construction of an oil pipeline from the Black Sea port of Burgas (Bulgaria) to the Mediterranean port of Alexandroupolis (Greece). Russian Minister of Industry and Energy Viktor Khristenko believes that the signing of the memorandum will give a political start to the negotiations on the construction of the Burgas-Alexandroupolis oil pipeline. "It is important for the investors, including private ones, that the memorandum will provide a certain political framework for starting this process. Therefore, the signing of the memorandum is only the beginning of the negotiation process," Mr. Khristenko said. "It is a historic moment that will sum up the results of the 13-year-long negotiations," Greek Minister of Development Demetris Sioufas said, commenting on the coming signing of the memorandum. "This project will strengthen cooperation between the three countries and will contribute to the strategic development of the region," he said. The project of the construction of the Burgas-Alexandroupolis oil pipeline was initiated by Russian and Greek companies. The length of the pipeline is expected to be about 312 kilometers with an annual capacity of 35-50 million tons. The project has been estimated at more than $700 million. After the pipeline is put into operation, oil will be brought by sea from Novorossiisk to the Bulgarian port of Burgas, then it will be pumped through the new pipeline to the Greek town of Alexandroupolis and then to the West European countries. This project is an alternative to the delivery of oil through the Black Sea straits of Bosporus and Dardanelles in which traffic is too busy at the present time.
# posted by Deval : 7:13 AM
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