Bulgaria, Greece sign Memorandum of Cooperation to explore opportunities for building Alexandroupoli-Burgas oil pipeline

Bulgaria and Greece signed here Thursday a memorandum of cooperation to explore the opportunities for building an oil pipeline between Alexandroupoli and Burgas. The document was undersigned by the Energy Ministers, Rossen Hristov of Bulgaria and Kostas Skrekas of Greece, during an official visit to Athens of Bulgarian President Rumen Radev.

The two Energy Ministers also signed a memorandum of cooperation on ensuring gas supplies and storage.

The agreement provides for the establishment of a high-level working group with representatives of the Bulgarian and Greek Energy Ministries, and interested parties from both countries, to do the necessary preliminary studies, explore the options for structuring a project for building an oil pipeline between Alexandroupoli and Burgas, the financing options and prepare an action plan for its implementation with the aim of making the pipeline operational before the end of 2024, said the Presidential Press Secretariat.

The route of the Burgas - Alexandroupoli oil pipeline is planned to be 280 km long, of which 155 km will pass through Bulgaria - via Kameno, Burgas, Sredets, Bolyarovo, Elhovo, Topolovgrad and Svilengrad. The end point of the Bulgarian-Greek border crossing is between the village of Generalovo and Kapitan Andreevo. Initially, the total value of the Bulgarian share of the pipeline is estimated at EUR 227 million. The pipeline is planned to have an initial flow rate of 35 million tonnes of oil per year, with the option of increasing to 50 million tonnes of oil per year.