BUSINESS

Bulgaria abandons Burgas-Alexandroupoli oil pipeline plan

Bulgaria’s cabinet decided on Wednesday to propose to parliament to cancel its participation in a 2007 agreement with Russia and Greece to build an oil pipeline bypassing Turkey’s crowded Bosporus and Dardanelles straits, the government in Sofia said in an e-mailed statement.

The pipeline can’t be built under the conditions agreed on in 2007 and Bulgaria is taking steps to end its participation in the project by asking the lawmakers to “denounce” the agreement, the government said.

Bulgaria proposed to dissolve the trilateral agreement in December 2011.

The cost of the proposed 285-kilometer pipeline from the Bulgarian Black Sea port of Burgas to the Greek port of Alexandroupoli on the Aegean was initially estimated at 1 billion euros.

[Bloomberg]

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