The $1-billion project, which will run 280 kilometers (175 miles) from the Bulgarian Black Sea port of Burgas to Greece's Alexandroupolis, on the Aegean, will allow Russia to export oil through the Black Sea, bypassing the often crowded Bosporus Strait in Turkey.
Putin, after meeting with the Greek and Bulgarian leaderships, also urged them to make the most of the opportunity, rather continue discussions that have been under way since 1993.
"If we go on cooperating in this way, there will be no result," he told a news conference. "It will be a missed opportunity, in both the economic and political sense."
He drew a comparison with a project to install a pipeline from East Siberia to the Pacific Ocean.
"Two and a half months ago, work started to lay a pipeline to the Pacific Ocean from Siberia," he said. "We have already installed 250 kilometers [155 miles] of pipeline in two and a half months."
He added that other major energy projects, including the Blue Stream natural gas pipeline and the Baku-Ceyhan oil pipeline, had been completed.
Putin said Russia did not wish to set any harsh conditions, and only wanted such project to be implemented.
"I want the people of our countries, including Bulgaria, to be informed about the essence of this project and about our agreements," Putin said. "Russia does not put forward any harsh conditions. We only want that such projects with our traditional partners be implemented."
Earlier Monday the prime minister of Greece said his country, Russia and Bulgaria agreed to sign an agreement on the construction of an ambitious oil pipeline, Burgas-Alexandroupolis, in 2006.
"The position of the three countries is that we have agreed to sign an agreement on the construction of the pipeline in 2006," Kostas Karamanlis said. "It is important for our people and our economies."
