Representatives of energy companies from Bulgaria, Russia and Greece signed in Athens a three-party agreement for the establishment of an international company for the construction of the oil-pipeline Bourgas-Alexandroupolis, Itar-Tass announced.
The official signing of the document would happen in late January in Sofia, Bulgarian National Radio (BNR) said.
The agreement signed on January 11 in Athens, was signed by the deputy chief of Russian Transneft, Vladimir Nemtsev, as representative of the Russian Truboprovoden Consortium Bourgas-Alexandroupolis, managing director of Bulgargaz Lyubomir Danchev and a member of the board of directors of Greek Helenic Petroleum, Teodoros Vardas, BNR said.
According to an agreement signed between Bulgaria, Russia and Greece on March 15 2007, the owner of the Bourgas-Alexandroupolis oil-pipeline would be the new international company.
In December 2007, a protocol was signed in which the three parties agreed that the company would also construct the pipeline.
The new company would be registered in Holland, BNR said.
Russian Truboprovoden Consortium Bourgas-Alexandroupolis would own 51 per cent of the shares of the new company. The Bulgarian company Bourgas-Alexandroupolis BG would own 24.5 per cent of the shares in the new company. While the Greek share of 24.5 per cent would be split between the Helenic Petroleum consortium, which would own 23.5 per cent, and the the Greek state, holding the remaining 1 per cent.
The project was estimated to be worth $1.2 billion ( 0.8 billion euro ).
Construction was expected to start in 2008, with the pipeline going into production in 2009.
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