Pipeliners

07-03-2006 Kommersant - TNK-BP and Gazprom Neft set to creating a venture to construct Burgas-Alexandrupolis pipeline, and Rosneft is expected to become a co-founder. Today's draft of the project doesn't specify the U.S. Chevron, which Russia hopes to lure. The sources say the dialog with Chevron hasn't neared the end yet and there are chances that Chevron will participate in the project. TNK-BP and Gazprom Neft sealed an agreement yesterday concerning the joint participation in a venture, which will implement Burgas-Alexandrupolis project, Interfax reported referring to a source with the RF Industry and Energy Ministry. In this international project, Russia will be represented by three companies, each of which having an equal share. The third operator could be Rosneft, as it is also expected to join the project. TNK-BP confirmed some document has been sealed for Burgas-Alexandrupolis, but declined to elaborate. Gazprom Neft specified a joint venture will be created within a month. It will be an international design company," Gazprom Neft President Alexander Ryazanov said. "Rosneft doesn't officially participate in the new venture yet but the respective agreement has been attained." The 312km Burgas-Alexandrupolis pipeline will connect the Black Sea's port of Bulgaria, Burgas, with Creek Alexandrupolis, the Mediterranean Sea, by passing too popular straits of Turkey. The capacity is estimated at 35 million tons, but it could be extended to 50 million tons; the budget exceeds $700 million.