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The LUKoil chief executive briefed the President on the company’s participation in building the Burgas-Alexandroupolis oil pipeline.

By now a complete analysis of all the routes along the Black Sea coast had been carried out, Mr Alekperov reported. Now is the time to put together the entire technological chain from Western Siberia to Novorossiisk and on to Burgas and Alexandroupolis, from where supertankers will carry oil to the East Coast of the US.

Speaking about cooperation with Bulgaria on the pipeline project, Mr Alekperov noted that practically all the proposed variants and structure of the future consortium had been agreed upon fairly quickly.