MOSCOW — Russia, Greece and Bulgaria are to sign an intergovernmental memorandum of understanding to agree on the construction of the Burgas-Alexandroupolis pipeline. The ceremony will be held in the Bulgarian capital of Sofia. As Greek development minister Demetris Sioufas announced, the three governments are ready to do their best for the implementation of this project.

The pipeline is to be 300 kilometers long and investments in the project are estimated at EUR700m. The Greek government is expected to provide a EUR100m grant for the implementation of this project. The pipeline's capacity is projected at 15m per year in the first year of its operations, to be followed by 24m tons in the second and 35m tons in the third. An oil terminal in the Bulgarian city of Burgas and a sea terminal in Alexandroupolis will be constructed within the framework of the project.