ATHENS, Nov 6 (AFP) - Plans to bring oil from the Black Sea coast of Russia to a Greek port on the Aegean Sea by way of a pipeline through Bulgaria have been revived after a gap of almost 10 years, the Greek Development Ministry said Saturday.
Oil would be taken by tankers from Novorossiysk on the Caspian Sea to the Bulgarian Black Sea port of Burgas from where it would be sent another 320 kilometres (200 miles) overland by pipeline to Alexandroupolis in the far northeast of Greece.
The announcement followed a tripartite meeting in Athens, at the end of which a joint statement spoke of the "common interest" of the three countries in implementing the plan.
The three countries signed a memorandum of cooperation which is to be submitted in the weeks to come to the three ministers concerned, the Greek side said.
The project will cost 702 million euros (908 million dollars) and the three partners "intend to back the establishment of an international company" and "will work together to involve international oil companies active in the Caspian Sea and central Asia."
Greek Development Minister Dimitris Sioufas said the agreement was "an historic step in the relations of the three countries."
"After 10 years of trying we have succeeded in reviving the project and giving it a new start," he said, while conceding that "much remains to be done before the plans become a reality."
The original scheme was launched in 1995. It is in direct competition with the pipeline backed by the US consortium Ambo, which would channel oil from Bourgas through Macedonia to the Albanian Adriatic coast.
11/06/2004 16:16 GMT - AFP