Papoulias says Greece to benefit from fuel deals with Russia

ATHENS, November 24 (RIA Novosti) - Greece and Bulgaria will benefit from joint energy projects with Russia, Greek President Karolos Papoulias said during an official dinner to mark the visit of his Bulgarian counterpart.

"We [Greece and Bulgaria] could become the main hubs of energy supplies to Europe, international players in the energy sector," he said.

He added that the construction of the Burgas-Alexandroupolis oil pipeline and the South Stream project could be implemented "in the near future," and that the political and economic benefits of the projects "are evident."

"Greece, Bulgaria and Russia have a very close cooperation in the energy sector. This cooperation is in our interests," he said.

Burgas-Alexandroupolis is a project between Russia, Greece and Bulgaria to pump Russian and Caspian oil from the Bulgarian Black Sea port of Burgas to the Greek Aegean port of Alexandroupolis.

Once completed, the pipeline will pump 35 million metric tons of oil a year (257 million bbl), a volume that could eventually be increased to 50 million metric tons (368 million bbl). Under an inter-governmental agreement signed in 2007, Russia holds 51% in the project company, while Greece and Bulgaria hold 24.5% each.

Greece and Bulgaria have also joined the South Stream gas project, which is a part of Russia's efforts to cut dependence on transit nations and is a rival project to the EU-backed Nabucco, which would bypass Russia. It is scheduled to be completed by 2015.