OREANDA-NEWS. On 13 February 2008 was announced, that the “Burgas-Alexandroupolis” oil transportation system construction International Project Company (IPC) has been registered in Amsterdam (Netherlands) on February 7, 2008.

The representatives of Russia, Bulgaria and Greece, the three project participating countries have elected the company managing board – the supervisory board and the board of directors. Mr. V.I. Kushnarev has been elected the President of the IPC Supervisory Board; Mr. Vinnitchenko S.A. will be the President for the Board of Directors.

285 kilometers long Burgas-Alexandroupolis pipeline will stretch through Greek and Bulgarian territories and will allow to decrease the volume of oil transported by tankers through congested Bosporus and Dardanelles. The project preliminary cost amounts to $1,2 billion USD. Flow capacity will possibly make 35 million ton per year with expansibility to 50 million ton per year. Oil pipeline construction is planned to be commenced this year.