Vremya Novostey: Trans-Balkan company

Focus News/Information Agency Focus
December 19, 2007

Moscow. It seems the implementation of the construction project of the trans-Balkan Burgas-Alexandroupolis pipeline will start as early as January 2008, the Russian Vremya Novostey newspaper writes. On Tuesday in Moscow Russia, Bulgaria and Greece signed an agreement on setting up an international project company that will be registered in the Netherlands. During his talks with Greek Prime Minister Costas Karamanlis Russian President Vladimir Putin welcomed the signing of the three-party protocol and said this is the last but one step to the practical implementation of the important project. The last step will be the signing of the document guaranteeing the oil supplies. Russia owns 51% of the shares in the international project company while Greece and Bulgaria control the rest 49%. It is possible that, as a guarantee for the pipeline operation, the Bulgarian and Greek partners will give their shares to foreign investors, such as British Petroleum, Chevron, or KazMunaiGaz, which have already showed interest in the project, the newspaper adds. Kommersant: International project company to construct Burgas-Alexandroupolis set upBG 129677 2007-12-19 09:11:14 Moscow. The participants in the Burgas-Alexandroupolis construction project signed Tuesday an agreement on setting up an international project company that will operate the project, the Russian Kommersant writes. The implementation of the Burgas-Alexandroupolis project will allow Russia to decide whether to enlarge the Caspian Pipeline Consortium. According to experts Russia should move the project along rapidly because it faces great competition. The intergovernmental agreement on the oil pipeline construction from the Bulgarian city of Burgas to the Greek city of Alexandroupolis was signed on March 15th 2007. The project costs over EUR 1 billion.
More Like This