The 280-kilometer (175-mile) Burgas-Alexandroupolis pipeline will carry Russian oil via the Bulgarian Black Sea port of Burgas and Greece's Alexandroupolis on the Aegean to Europe, the U.S., and the Asia-Pacific region.
"The agreement will enhance the stability of oil deliveries from Russia and ensure a steady transit of crude oil via Bulgaria and Greece to world markets," Industry and Energy Minister Viktor Khristenko said presenting the document to deputies.
The pipeline 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).
He said oil companies Chevron and TNK BP might join the project at a later date, but ruled out Shell's participation.
Communist MPs strongly objected to the ratification, saying Russia must not export its mineral resources so actively.
Nationalist Vladimir Zhirinovsky, deputy speaker of the lower house, called into question the entire project, saying Bulgaria was an unreliable partner and "will sell its share to a U.S. company."
He also said Russia was already experiencing an energy shortage on its domestic market, adding that the export of more energy resources was not a very good idea.
Russia, Bulgaria and Greece signed the deal March 15, and the Greek parliament ratified the agreement in mid-April. Following the ratification, Development Minister Dimitris Sioufas said the pipeline could be commissioned at the end of 2010 or the beginning of 2011.
Russia's state-controlled oil producer Rosneft [RTS: ROSN], state pipeline operator Transneft, and energy giant Gazprom [RTS: GAZP] will hold a 51% stake in the project, while Greece and Bulgaria will control 24.5% each.
