Russia, Bulgaria and Greece signed a long-delayed 1 billion-euro deal earlier Thursday to build the 280-kilometer (175-mile) pipeline, which 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.
"We will resolve all [construction] problems with full account taken of security issues," Vladimir Putin told a news conference.
He said Russia, Greece and Bulgaria could adjust the pipeline's route if necessary.
"Everything is possible in the interests of the project's implementation and the observance of environmental demands," he said. "I have no doubt that we will meet all the demands of environmental organizations."
He also said that the most modern technologies would be used to build the pipeline.
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).
Russia's state-controlled oil producer Rosneft [RTS: ROSN], state pipeline operator Transneft, and energy giant Gazprom [RTS: GAZP] will hold a total of 51% in the project, while Greece and Bulgaria will each control 24.5%.
