A relevant trilateral memorandum is expected to be signed in Sofia in the near future.
The memorandum was initialed by Russian, Bulgarian and Greek experts in Athens yesterday.
"The sides will take all effort to raise the economic attractiveness and competitiveness of the project as compared to alternative ways of oil delivery," the document says.
An international consortium will be formed to implement the project. Russia, Bulgaria and Greece hail international investments in the pipeline and are eager to involve other countries in the project, the memorandum reads.
In compliance with the project, oil from Russia and Caspian Sea states will be shipped from Novorossiisk to Bulgarian port Burgas. Then it will be pipelined from Burgas to Alexandroupolis and Western European countries. This project is an alternative to oil shipment vie the Black Sea straits, which are currently overloaded.
The Burgas-Alexandroupolis pipeline will be 300 km long and 1,000 mm in diameter. There will be 2-3 pumping stations. At the initial stage 15 million tons of oil will be pipelined annually. Later the volumes will grow from 24 million to 35 million tons a year.