Oil and Gas: Bulgaria, Greece and Russia endorse pipeline agreement

Bulgaria, Greece and Russia, have endorsed the text of an agreement to build a long-stalled pipeline to channel Russian oil from the Caspian Sea to the Aegean, Bulgaria's regional development ministry has said.

The 280-km Burgas-Alexandroupolis pipeline, which will bypass Turkey's Bosphorus Straits, is expected to cost about $900 million.It will transport about 35 million tons of Russian oil per year with an option to later increase the capacity to 50 million tons.

Post: 8/10