A quarter-of-a-century plan to build a crude oil pipeline from the western Black Sea coast to the northeast Aegean – the much-hyped but ultimately abandoned Burgas-Alexandroupolis project – has apparently been “resurrected”, but this time without Russian “involvement”.
The 1990s-era proposal envisioned the bypassing of the narrow Bosporus and Dardanelles by having mid-sized tankers loaded with Russian crude off-load at the Bulgarian port of Burgas, with the proposed pipeline then funneling the oil to a terminal at Greece’s Alexandropoulis – ostensibly for re-loading aboard very large and ultra-large crude carriers.
The proposal was eagerly promoted by successive Greek governments, before fizzling out with the advent of the fiscal and economic crisis in 2009.
The Russian invasion of Ukraine and the EU’s subsequent disdain for Russian energy products, as well as skyrocketing transit fees now demanded by Turkey to allow tankers through the Straits, has restarted negotiations between Athens and Sofia to build such a pipeline, but with a major difference, however: the oil would be offloaded at Alexandroupolis and pumped north to Bulgaria.
In reply to an Ot.gr question on Tuesday, Greek Energy and Environment Minister Kostas Skrekas confirmed that such talks are underway over a specific investment plan.
“Bulgaria has proposed the specific project, and we’re in discussions…oil transport would take place from Alexandroupolis and be transported to Burgas in Bulgaria,” he said.
Meanwhile, speaking at an energy-related conference of Balkan countries’ relevant ministers, Bulgarian Minister Rosen Hristov said the Lukoil refinery in his country has essentially been deprived of crude oil due to a quintupling of transit fees for Bosporus and Dardanelles passage, with the country now looking for other supply avenues.
He added that the prospect of actually moving forward with the pipeline – now part of SE European political “lore” – is being discussed in tandem with the linking, via riverways, of Bulgaria’s Black Sea ports with northern Greece ports on the Aegean.
Latest News
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas
Reuters: Greek Economy Surges After Decade of Pain
Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook
IMF: Greek Growth in 2024 at 2%; Debt to Ease to 158.8% of GDP This Year
Projected consumer prices are forecast to rise by 2.7%
Major Increase in Russian Natgas Imports by Greece in 1Q 2024
Russian state natgas exporter Gazprom dominated imports to the country, mostly through the overland pipeline entering via a northern frontier pipeline
Lamda Development Announces First Profitable Year for The Ellinikon Project
The ATHEX-listed developer reported 206 million euros in EBITDA for FY23, a 69%-percent increase from 2022 results
Europa Nostra Adds Sifnos, Serifos, Folegandros to Most Endangered List
Europa Nostra says three Greek islands are at risk due to surge in tourism development and rampant construction
EU Cracks Down on Social Media Influencers Making Illegal Profits
A recent EU inquiry uncovered 358 online influencers, among them 20 in Greece, found to be violating consumer laws
Greek PM Announces €2 Billion Decarbonization Fund for Greek Islands
Greece bolstered its drive for a greener economy with the launch of a €2 Billion Decarbonization Fund for the Greek islands