Russian President Vladimir Putin signed today a long-delayed Balkan oil pipeline agreement with Greece and Bulgaria which will carry Russian oil to the Mediterranean. The tripartite agreement to build the 280-kilometre pipeline had been repeatedly delayed by the three countries over the past 15 years, largely because the Russians did not believe it could be economically viable, reported dpa. Experts now believe that with the rise in oil prices, the project could at last become a reality by bringing cheaper Russian crude to the Mediterranean and ensuring Moscow's hold on the region's energy market. For years the three countries had also disagreed on other key issues, including who would be responsible for building the pipeline, transit fees and ownership of the terminals. The 700 million euro (924 million dollars) oil pipeline, looks to bypass Turkey's busy Bosphorous Strait and will carry oil from Bulgaria's Black Sea port of Burgas to the Greek port of Alexandroupolis. -- SPA
