A cooperation agreement for the construction and operation of Bourgas-Alexandroupolis oil pipeline was signed Thursday in Athens in the presence of Russian President Vladimir Putin, and Greek and Bulgarian Prime Ministers Kostas Karamanlis and Sergei Stanishev, respectively, BTA reported.

The document was signed by Russia's Industry and Energy Minister Viktor Khristenko, Greece's Development Minister Demetris Sioufas and Bulgaria's Regional Development and Public Works Minister Assen Gagaouzov.

The total length of the pipeline will be 280 km, 155 of which are on Bulgarian territory.

In Bulgaria, the pipeline is planned to pass through Kameno, Bourgas, Sredets, Bolyarovo, Elhovo, Topolovgrad and Svilengrad, all in Southeastern Bulgaria.

The oil pipeline will cross the Bulgarian-Greek border between Generalovo and Kapitan Andreevo villages. According to estimations, the value of Bulgaria's share of the pipeline totals 227 million euros. The project's total value stands at 700 million euros.

The pipeline's initial capacity is 35 million tonnes annually, with a possibility to increase it to 50 million tonnes of oil per year.