Bulgarian economy to be boosted by oil pipeline
The Bulgarian parliament has approved a declaration concerning an oil pipeline that will boost the countries economy and create jobs.
The Bourgas-Alexandroupolis pipeline will transport oil from Bulgaria's Black Sea port of Bourgas to Greece and will earn the Bulgarian government $35 million (~£17.9 million) in transfer taxes.
Overall the project is worth nearly $700 million (~£358 million) and will be built by Russia, Greece and Bulgaria, creating over 1,000 jobs for the country.
Prime minister Sergei Stanishev also said the project will increase the competitiveness of Bourgas port and exert a positive influence of the Bulgarian economy, The Sofia Echo reports.
The trilateral agreement between the three countries is likely to be signed on March 6th in Athens and the pipeline should be operational by 2011.
Initially, state-run companies Bulgargaz and Technoexportstroy will represent Bulgaria in the project before the government sells off its stake to private oil companies.
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