Putin signs bill ratifying deal to build Bulgarian-Greek oil pipe

Russian President Vladimir Putin has signed into law a bill to ratify an agreement on the construction of the Burgas-Alexandroupolis oil pipeline, ITAR-TASS reported Thursday.

The intergovernmental agreement between Russia, Bulgaria and Greece was concluded in March.
The Burgas-Alexandroupolis pipeline, which is expected to link Bulgaria's Black Sea coast and Greece's Aegean coast, will serve as an alternative to the busy Bosporus and Dardanelles straits in Turkey.
The pipeline will be partly owned by Russian companies.

The pipeline's annual capacity is expected to initially total 35 million tonnes and subsequently rise to 50 million tonnes.
Total investment in the project is estimated at about 1 billion euros.
Construction is expected to begin in 2008 and be completed in 2010.

Russia's oil pipeline monopoly Transneft, Russian state-controlled oil major Rosneft and Russian oil major Gazprom Neft are expected to hold about 17% each in the pipeline project.
Greek companies Hellenic Petroleum and Thraki will get 23.5% in the project, while the Greek government is expected to own 1%. Bulgarian companies Bulgargaz and Technoexportstroy will hold 12.25% each in the project.