Greek Minister of Energy Kostas Skrekas and his Bulgarian counterpart Rossen Hristov have signed a Memorandum of Understanding (MoU) on the development of an oil pipeline connecting Alexandroupoli in northeastern Greece and Burgas on Bulgaria’s Black Sea coast.
Greek Alexandroupoli port is developing into one of the eastern Mediterranean’s most pivotal energy hubs as a result of the reversal of energy source flow, now moving from south to north as a result of Europe’s decision to end its reliance on Russian fossil fuels. The port will facilitate oil primarily imported from the Middle East and headed to east European markets.
The oil pipeline will be 260 kilometers long, equally divided between Greece and Bulgaria, and offer an annual capacity of 10 million tons, down from an original plan of between 35 and 50 million tons. A section of the Greek-Bulgarian oil pipeline is planned to run parallel to the IGB gas pipeline linking the two neighboring countries.
Works on the oil pipeline are expected to start within the next two years, while its completion is planned for three to four years from now, which is very quick for such projects. However, one of the major obstacles for these projects – an environmental permit, has already been issued.
The future oil pipeline has not been supported by Turkey, as it will reduce the importance of the country as a regional energy hub. However, the project is supported by the US Government.
