The 280-kilometer (175-mile) pipeline will pump Russian oil to Europe, the U.S. and the Asia-Pacific region via the Bulgarian Black Sea port of Burgas and Greece's Alexandroupolis, on the Aegean, enhancing the Balkan states' role as important energy transportation hubs.
Speaking following a meeting with Dora Bakoyianni, now on a working visit to Moscow, Sergei Lavrov said: "Experts are working to finish drafting documents by the deadline coordinated by the leaders [of Russia, Greece, and Bulgaria], and Ms. Dora Bakoyianni said we expect the signing will take place before the end of the year - the date set by the leaders."
Russia, Bulgaria, and Greece signed a memorandum on the pipeline in April 2005, which will pump 35 million metric tons of oil a year (257.25 million bbl), a volume that could eventually be increased to 50 million metric tons (367.5 million bbl).
The project, designed to bypass the often-crowded Bosporus Strait in Turkey, received a further boost during Russian President Vladimir Putin's visit to Greece in September, when he met with the Greek prime minister and Bulgaria's president over the pipeline.
The project has been on the agenda for more than 10 years, but progress has been slow reportedly over Russian producers' reluctance to contribute oil to the pipeline.
Russia's state-controlled oil producer Rosneft [RTS: ROSN], state pipeline operator Transneft, and energy giant Gazprom [RTS: GAZP] will hold 51% overall in the project. Greece and Bulgaria are still to assign the remaining 49% stake.
Earlier Wednesday, Bakoyianni highlighted energy diplomacy in the world.
"Our goal is to make Greece an energy transportation hub in its region and in the entirety of Europe. We plan to attain that goal by providing political support for large projects like the Burgas-Alexandroupolis oil pipeline. Our cooperation with Russia by all means plays a central role in this context."
