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Athens News Agency: News in English, 08-01-18

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Burgas-Alexandroupolis pipeline agreement

  • [01] Burgas-Alexandroupolis pipeline agreement

    SOFIA (ANA-MPA - M. Borisov) Greek Development Minister Christos Folias on Friday signed a Shareholders' Agreement for the Burgas-Alexandroupolis oil pipeline project on behalf of the Greek government in Sofia, Bulgaria.

    Other signatories of the agreement were the chief executives of the Greek, Bulgarian and Russian enterprises making up the international consortium in charge of the project, while it was signed in the presence of Bulgarian President George Parvanov and Russian President Vladimir Putin.

    The agreement was initially signed by the shareholders of the project on January 10, 2008 in Athens, while a protocol of the agreement was signed in Moscow on December 18, 2007 during an official visit by Greek Prime Minister Costas Karamanlis to Russia.

    In a message read out by Folias, the Greek prime minister stressed his "deep satisfaction" at the signature of the charter that will govern the international consortium that will now undertake the construction and operation of the Burgas-Alexandroupolis oil pipeline.

    "We have thus reached the happy end of a long road that also marks a new era in energy cooperation between our countries," Karamanlis added.

    "We are investing in the common effort with vision, responsibility and decisiveness, responding to the challenges of the times. The Burgas-Alexandroupolis oil pipeline, apart from its self-evident energy importance, is also highlighted as a pipeline of development, converging interests, stability and security. It is a positive example, on which we can continue to build further energy cooperation between our countries with mutual, multiplying benefits for our economies and our peoples," he said.

    The signing ceremony for the agreement was held at Bulgaria's presidential mansion.

    Ministers had first signed an agreement for the pipeline between Greece, Russia and Bulgaria on March 15, 2007 in Athens, while the Greek Parliament ratified the contract in April 17, 2007.

    The shareholders of the project are: Russia, owner of 51 pct, Bulgaria, owner of 24.5 pct and Greece, owner of 24.5 pct.

    The international company will be based in Holland. The project will be funded with a project finance form, based on the guaranteed supply of oil. The oil pipeline will have an annual capacity of at least 35 million tons and will extend over 303 km. Burgas storage facilities will have a total capacity of around 500,000 cubic meters, while in Alexandroupolis, storage facilities will have a capacity of 700,000 cubic meters.

    Greece and Bulgaria will invest around one billion euros, creating hundreds of new jobs in both countries.

    Caption: File photograph of oil pipeline facilities in Ukraine. ANA-MPA/EPA Patrick Pleul

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