Bulgaria - Greece - Russia Project for construction of an oil pipeline from the Bulgarian seaport of Bourgas to the Greek town of Alexandroupolis will cost 700 million US dollars (537 million euros). The project was discussed during a meeting between Bulgarian Economy and Energy Minister Roumen Ovcharov and Greece’s Development Minister Dimitris Sioufas. The two met in Athens on February 24, where Ovcharov was participating in a meeting of economy ministers from South East Europe. An upcoming meeting between Greek, Bulgarian and Russian officials is also expected to take place in Athens and decide the future of the pipeline.

On April 17, 2003 the company Trans-Balkan Oil Pipeline Bulgaria was incorporated to participate in the construction of Bourgas – Alexandroupolis oil pipeline. Founders are the state, Transstroy Oil Pipeline Ltd. Bourgas, MG Energy and Nature Resources, Magnum 07, KZU, Monolith 3, Industrial Holding Bulgaria and LUKoil Bulgaria.