Russia, Greece and Bulgaria have agreed to build a trans-Balkan oil pipeline linking the Black Sea with the Aegean. The long-delayed project was first proposed nearly a decade and a half ago, but the details could not be agreed upon. The final thumbs up for the scheme was given in Athens following a meeting between the three countries' premiers.
The 280 kilometre pipeline is likely to cost some 700 million euros and carry up to 35 million tons of oil per year. Construction is expected to begin early in 2007, with a two year building schedule.