Energy and economy minister Rumen Ovcharov commented for Darik Radio that the shares of Bulgaria, Greece and Russia in the project for building an oil transit pipeline from the Bulgarian Black Sea port of Burgas to the Greek Aegean port of Alexandroupolis are not decided yet. According to Ovcharov, the talks are running under the baseline scenario that the three countries will hold equal shares. He thus denied information in Russian and local press sources that Bulgaria and Greece have already agreed to give the Russians a controlling stake of 51%. As recalled, the government has authorised the state-owned Engineering Company Oil-Pipeline Burgas-Alexandroupolis to take part in the project with a preferred ownership quota of 33% but also with an option for holding a smaller share of not less than 24.5%. Engineering Company Oil-Pipeline Burgas-Alexandroupolis is controlled by the public-private entity Universal Terminal Burgas (75%) and the state natural gas utility Bulgargaz (25%). The pipeline is designed to provide a transport alternative for Russian oil currently shipped through the Bosphorus waterway. The cost of building the 270km pipeline is estimated at around EUR 700mn. It is projected to have a capacity of transporting 35mn tonnes of crude oil per year. Construction works are expected to continue 3 to 4 years. On Sept 4, President Georgi Parvanov and his Russian and Greek counterparts signed a new political declaration in support of the pipeline. However, the talks have been running mostly at political levels by far, accompanied by various memorandums and declarations with little practical importance.