Greece aims to become energy hub

ATHENS, Greece, Sept. 8 (UPI) -- The Burgas-Alexandroupolis oil pipeline will position Greece as a vital energy hub for the Balkans, said Greek Prime Minister Kostas Karamanlis.

Greece, Russia and Bulgaria signed a memorandum of understanding on the 173-mile pipeline from the Black Sea to the Aegean Sea in 2005. Initial capacity is estimated to reach 257 million barrels per year, with plans to increase that volume by more than 100 million barrels.

The pipeline is to bypass Turkey's Bosporus and Dardanelles by traversing an overland route.

Karamanlis said the development of the pipeline would position his country as a Balkan energy hub, the Sofia News Agency reports.

Several municipalities along the Black Sea, however, have raised objections to Burgas-Alexandroupolis due to environmental concerns.

Nevertheless, Karamanlis said the Greek emergence would be strengthened by the construction of the Russian-backed South Stream gas pipeline, which will run through Turkish waters in the Black Sea to south European markets.