3 Countries Strike Deal on $900M Balkan Pipe
SOFIA, Bulgaria -- Russia, Bulgaria and Greece signed a preliminary agreement to build a pipeline that will help relieve congestion in Turkey's Bosporus strait, which is clogged with tankers carrying Russian crude oil from the Black Sea.
The 285-kilometer pipeline will run from the Bulgarian Black Sea port of Burgas to the Greek port of Alexandroupolis on the Aegean Sea. It will cost about $910 million. Its capacity is estimated at 35 million tons of crude oil per year initially, which could be raised to 50 million tons later
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