MOSCOW, June 14 (RIA Novosti) - Russia's president signed a federal law Thursday ratifying a deal to build a pipeline across the Balkan states to supply oil to Europe, the U.S. and the Asia-Pacific region.
The deal to build the Burgas-Alexandroupolis pipeline was signed on March 15 with Greece and Bulgaria. The pipeline will carry Russian oil via the Bulgarian Black Sea port of Burgas and Greece's Alexandroupolis on the Aegean.
"I am hoping for very active joint work with our partners," Russian President Vladimir Putin said at a meeting with the head of Russian pipeline monopoly Transneft, Semyon Vainshtok.
The 280-kilometer (175-mile) pipeline will pump 35 million metric tons of oil a year (257.25 million bbl), a volume that could eventually be increased to 50 million metric tons (367.5 million bbl). Earlier reports said the pipeline could be commissioned in late 2010 or early 2011.
Russia's state-controlled oil producer Rosneft [RTS: ROSN], Transneft, and energy giant Gazprom [RTS: GAZP] will hold a total of 51% in the project, while Greece and Bulgaria will control 24.5% each.
