Bulgaria said on Wednesday it would withdraw from a joint pipeline project to carry Russian oil to Greece, citing possible accidents that could have an environmental impact and harm its tourism industry, according to dpa. Finance Minister Simeon Djankov said after a cabinet meeting that Russia and Greece would be informed of the decision and downplayed the possibility of them demanding that Sofia pay a penalty for breaching the trilateral agreement signed in 2007. The decision is a blow to Russia's efforts to dominate the European energy market. The pipeline was planned to transport 35 million tons of oil annually from the Black Sea port of Burgas to the Greek Aegean Sea terminal in Alexandropolis. Bulgaria would earn 35 million dollars annually from transit fees. But accidents could damage the environment, cost million of dollars in clean-up costs and harm Bulgaria's multi-billion-dollar tourist industry. Under the agreement, Russia holds a 51-per-cent stake in the project, while Bulgaria and Greece have 24.5 per cent each.
