22.07.2010

On 21 and 22 July, at the Ministry of Finance, there were meetings between the team from the Bulgarian side and a Russian delegation led by the Vice President of Transneft Mr. Mikhail Barkov and the CEO of Trans Balkan Pipeline Vladislav Emelyanov, partners in the project for construction of the Burgas - Alexandroupolis oil pipeline.

During the meeting, initiated by the Russian partners, Deputy Prime Minister and Minister of Finance Simeon Djankov and the Bulgarian team were familiarized with the current status of the project. Mikhail Barkov presented the project activities being carried out, the problems encountered with regard to its implementation and the prospects for development.

The discussions focused on issues related to the environmental security of the project and the possibilities for funding its implementation. The representatives of the Russian delegation proposed to provide, at a separate meeting, the Bulgarian team with a more detailed presentation on the proposed by them model to finance the project and the Bulgarian side accepted the proposal.

The Bulgarian state participates in the project for construction of the Burgas - Alexandroupolis oil pipeline through \"Project Company Oil Pipeline Burgas-Alexandroupolis - BG\" EAD.  The company is solely owned by the state and possesses 24.5 percent of the capital of Trans-Balkan Pipeline, which in turn is engaged with the implementation of activities related to the survey, design, construction and operation of the Burgas-Alexandroupolis oil pipeline.

The process of re-registration and structuring of the management bodies of \"Project Company Oil Pipeline Burgas-Alexandroupolis - BG\" EAD completed on 16.07.2010. The Minister of Finance is the authority exercising the rights of the state in the company. A team of experts has also been formed and it will assist and advise the management bodies of the company.