Greece has signed today in agreement for participating in the gas-pipeline project “Southern Stream”.
After the Greek officials announced last week their intentions to join the project, the Prime Minister Kostas Karamanlis, it is now all official. Russian Energy Minister Viktor Hristenko and the Greek Minister of Development signed earlier today in Moscow Kremlin the agreement which will allow the pipeline to be constructed and used on the territory of Greece.
The pipeline project is a joint initiative of the Russian “Gasprom” and Italian “Eni”. The cost is estimated at 10 billion Euro and is expected to operate as of 2013. The whole project requires 900 km of pipes to be installed on the Black sea bed between Bulgaria and Russia. On Bulgarian territory, the route will probably divide into two directions – one to the north providing gas to Romania, Hungary, Austria and Slovenia, and another to the south for Greece and Italy.
The project is of vital importance to Bulgaria’s economy as it will serve as a junction point of the pipeline route.