The FINANCIAL -- Russia, Greece and Bulgaria have reached an agreement in Athens on setting an international consortium to build an oil pipeline across the Balkans, APA Bureau reports.
Russia, Bulgaria, and Greece signed a deal on the Burgas-Alexandroupolis oil pipeline to carry Russian oil via the Bulgaria’s Burgas on the Black Sea and Greece’s Alexandroupolis on the Aegean, bypassing the congested Turkish straits, the Bosphorus and the Dardanelles. The pipeline was suggested to be an alternative to Baku-Tbilisi-Ceyhan Oil Pipeline.
The official ceremony for signing an agreement will be held in Sofia by late January.
Under previously signed inter-governmental agreements, Russia will have a 51% stake in the consortium, leaving 24.5% to Greece and Bulgaria each.