Russia, Bulgaria and Greece to sign oil pipeline deal

Russian President Vladimir Putin has met with the Prime Ministers of Bulgaria and Greece in Athens. The three leaders are to sign an agreement to build a Russian oil pipeline between the Black Sea and the Aegean. It will run from the port of Burgas in Bulgaria to Alexandroupolis in Greece, avoiding Turkey’s crowded Bosphorus Strait.

The conduit will channel seven hundred thousand barrels of oil a day to Greece. Russian firms will control a 51 percent stake in the venture. Bulgaria and Greece hold 24.5 percent each.

Energy was also on the agenda of President Putin’s meeting with Italian Prime Minister Romano Prodi at a summit in Bari. They reviewed a deal allowing Gazprom to sell some three billion cubic metres of gas a year directly to Italian consumers.
The two leaders also signed agreements in the fields of banking and aerospace.

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