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Bourgas-Alexandroupolis Pipeline Deal to Be Finalised Next Week 11 mars 2007

Posted by Acturca in Energy / Energie, Russia / Russie, South East Europe / Europe du Sud-Est, USA / Etats-Unis.
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Eastbusiness.org

March 5, 2007 Monday

Russia, Bulgaria and Greece will sign the final agreement on Bourgas-Alexandroupolis oil pipeline next week, a Russian government source said.

The total cost of the project is set at USD 1 billion.

The text of the agreement has to be edited, which predicates the need to postpone the signing by a week, he added.

The route for the pipeline runs from Bulgaria’s Black Sea port of Bourgas to the Aegean Greek port of Alexandroupolis.

The pipeline will transit some 35 million metric tonnes of oil annually but the capacity could be expanded to 50 million metric tonnes.

The main goal of the project is to bypass the crowded Bosphorus Strait.

Majority shareholders in the project are Russia’s state-run Gazprom, Rosneft and Transneft which formed a consortium to own a 51-per-cent stake.

Greece and Bulgaria will have both 24.5-per-cent interest in the project.

Chevron Communicates Interest in Bourgas-Alexandroupolis Oil Pipeline 

Eastbusiness.org, March 7, 2007 Wednesday

The U.S. oil heavyweight Chevron has inquired into possibilities to join in the construction of the Bourgas-Alexandroupolis oil pipeline, the press office of Bulgaria’s Economy Ministry quoted Economy Minister Roumen Ovcharov as saying Tuesday.

Ovcharov communicated the news following his Tuesday meeting with company vice-presidents Jay Pryor and John McDonald.

Another proposal put up at the meeting was the construction of a liquefied petroleum gas (LPG) terminal on Bulgaria’s coastline.

As reported, Bulgaria, Greece and Russia have postponed the signing of a binding agreement on the construction of Bourgas-Alexandroupolis oil pipeline by a week. Initial plans were for a signing ceremony on Tuesday in Athens. Russia requested the deferral to ensure the text of the agreement was in sync with interests of all three parties.

The 280-km pipeline, whose construction has seen continual delay since mid-1990s, is designed to bypass the busy Bosphorus and Hellespont straits. Its original annual capacity will be set to 35 million tonnes with the option for annual throughput increase to 50 million tonnes.

Russia will hold a 51-per-cent stake, whereas Bulgaria and Greece 24.5 per cent each. The cost of the project is seen at USD 700-900 million.

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