On Thursday, Bulgaria, Greece and Russia signed an agreement to build a
$1.3 billion pipeline to transport Russian oil to the northern Greek port of
Alexandroupolis. The 300-kilometer pipeline, designed to carry 1 million
barrels of oil per day, was meant to pass through the Bulgarian town of
Burgas.
Under the agreement, Russia would have a 51 percent stake in the
pipeline. Bulgaria and Greece would control 24.5 percent each.
Russia supplies about 30 percent of Europe's oil and 40 percent of its
natural gas. Russian President Vladimir Putin said the pipeline route could
be revised to avoid environmental damage.
TURKEY PLANS TENDER FOR OIL SEARCH IN MED
Meanwhile, Turkey intends to launch an international tender to explore
for crude oil in the eastern Mediterranean.
Turkish Petroleum Corp. chief executive officer Osman Dinc said his
company would launch a tender in late March for oil exploration in the
Mediterranean. Dinc said Ankara would begin exploration with foreign
contractors in July or August 2007.
Ankara plans to conduct seismic studies west of Cyprus between Egypt and
Turkey in the spring of 2007, Dinc said. The Republic of Cyprus has also
announced plans to explore for energy in the eastern Mediterranean.
"We hope to see foreign partners with us in July or August," Dinc said.
"Oil exploration will start this year. We hope that we will get good results
from these seismic works and launch
bigger and more expensive projects in 2008 and 2009."