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16.02.2011 10:47
Russia to Quit Burgas-Alexandroupolis Pipeline
This might as well put an end to the entire project, Vedomosti said
AUTHOR: publics.bg


  • © zieak@flickr.com

Russia is abandoning a plan to build a Balkan pipeline that bypasses Turkey’s crowded Bosporus Strait, Vedomosti reported, citing unnamed officials from the pipeline joint venture and its shareholders.

The Russian partners in the operator Trans Balkan Pipeline B.V., OAO Transneft, OAO Rosneft and OAO Gazprom Neft, will officially end their financing of the project at a shareholders’ meeting in Rome tomorrow, Vedomosti reported, as quoted by Bloomberg. This effectively buries the pipeline plan, the Moscow-based newspaper said.

Russia, Bulgaria and Greece agreed in 2007 to build the 285-kilometer oil pipeline from the Bulgarian Black Sea port of Burgas to the Greek port of Alexandroupolis on the Aegean Sea. The 1 billion-euro ($1.4 billion) link, with a capacity of 35 million metric tons of oil a year, would bypass the Bosporus and Dardanelles straits, saving shipping costs.

The project competes with a similar USD 2.5 billion pipeline agreed between Russia, Italy and Turkey last year to carry oil from the Turkish Black Sea port of Samsun to the Mediterranean port at Ceyhan.


TAGS: Russia | quits | pipeline | Burgas | Alexandroupolis | Greece | Turkey | Bulgaria | oil 


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