TUAPSE (Krasnodar region), September 6 (RIA Novosti) - Russian state-owned oil major Rosneft will take part in the construction of an oil pipeline from Burgas (a Bulgarian Black Sea port) to Alexandropoulos (a Greek Mediterranean port) along with Bulgarian and Greek partners, the company president said Tuesday.
Sergey Bogdanchikov said that there were disadvantages to using the Bosporus Strait for oil transport because demand outstripped capacity (around 100 million metric tons vs. 86 million tons).
The length of the pipeline will be 170-180 miles. The total cost of construction will be $700-$800 million.
Project partners will each own 33.3% of the pipeline. Work will also have to be carried out to develop the terminals at Burgas and Alexandropoulos. This will solve the transportation problems suffered by oil tankers, Bogdanchikov said.
