Russia upper house ratifies Balkan oil pipeline deal

Moscow, May 25 (UNI) Russia's upper house of parliament ratified a deal with Greece and Bulgaria today to build a pipeline across the Balkan states to supply oil further to Europe, the US and the Asia-Pacific region.

"The document outlines guidelines for the countries' cooperation in building and maintaining the oil pipeline, whose initial capacity was set at 35 million metric tons of oil a year and could eventually be increased to 50 million metric tons," Iyas Umakhanov, a senior member of the Federation Council said, according to the Ria Novosti report.

Umakhanov said Greece had already ratified the agreement, and Bulgaria was expected to ratify it by May 29.

The 280-kilometer mile) Burgas-Alexandroupolis pipeline will carry Russian oil via the Bulgarian Black Sea port of Burgas and Greece's Alexandroupolis on the Aegean.

The lower house of Russia parliament had ratified the deal yesterday.

Earlier reports said the pipeline could be commissioned in late 2010 or early 2011.

UNI