Russia will hold a majority stake in a new –700 million ($924.4 million) trans-Balkan pipeline that it plans to build along with Greece and Bulgaria, the Bulgarian construction minister repeated yesterday.
Asen Gagauzov said Sofia and Athens have agreed to divide equally between them a 49 percent stake in the pipeline that aims to carry Urals and Caspian crude from Bulgaria’s Black Sea port of Bourgas to Greek port of Alexandroupolis on the Aegean.
“What is already negotiated is that the Russian side holds 51 percent and Greece and Bulgaria 49,” Gagauzov told reporters.
In September, the three states signed a political agreement to proceed with the pipeline and put an end to disagreements that have delayed the project for more than a decade.
Bulgaria also wants to take part in servicing the 285-km (180 miles) 700,000 barrels per day pipeline that will be supplied by tankers, carrying the crude from Russia’s Black Sea port of Novorossiisk to Bulgaria’s Bourgas.
Gagauzov also said Bulgaria might move and sell its 24.5 percent stake, or part of it, to foreign companies and has held initial talks with Kazakhstan oil company KazMunaiGas and Chevron.