A memorandum of cooperation for the construction of the Burgas-Alexandroupolis oil pipeline that was signed between Greece, Bulgaria and Russia on November 5 in Zappion was described as "historically important" by government spokesman Theodoros Roussopoulos on Monday, since it will make Greece a significant factor in the world energy map.

The spokesman noted that the signing of the agreement concluded a process that had begun 10 years earlier, which had essentially stalled for the past three years, to be reactivated in June 2004 when Greek Foreign Minister Petros Molyviatis and Development Minister Dimitris Sioufas arranged the meeting at Zappion where the memorandum was initialed.

Roussopoulos said the oil pipeline will place Greece on the route for the transportation of oil from Russia and central Asia to Europe and the United States, while cooperation with Russia and Bulgaria will multiply overall economic and trade cooperation and promote the "common goal of regional development and geo-strategic cooperation".

The spokesman said the project will entail the construction of projects with an estimated cost of  354 million euros in 2001 prices, of which 125 million euros will be for projects on the Alexandroupolis coast. It is expected to generate a steady annual income of 30-35 million euros and to create new jobs, both for its construction and its subsequent operation.

Source: Athens News Agency

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