Russia, Bulgaria and Greece signed on Thursday in Athens a long-awaited deal to build an oil pipeline transporting Russian oil to a port in Northern Greece .

The 280-km pipeline will transport crude oil from Bulgaria's Black Sea port Burgas to Greek Port Alexandroupolis.

Russian President Vladimir Putin, Greek Prime Minister Costas Karamanlis and Bulgarian Prime Minister Sergei Stanishev attended the signing ceremony, which concluded negotiations that began 15 years ago for a project to bypass the congested Bosporus Straits.

"This pipeline demonstrates how all countries can benefit, not just in the Balkans but in Europe," Putin told reporters after the signing ceremony. "Russia's energy potential and geographic location of Greece and Bulgaria open up brilliant prospects of cooperation."

Putin added that the pipeline "allows diversification in the oil routes, to the benefit of our countries, our peoples and the economy."

Karamanlis said the deal will help international markets with improved access to oil at a time when energy is a fundamental global concern.

Stanishev said that the project will bring new investments and create new jobs.

The pipeline project will start the construction in 2008 and be completed in 2011. It will pump 35 million tons of crude oil a year at the beginning, with the potential to rise to 50 million tons per year.

Russian firms will control a 51 percent stake in the venture, including infrastructure like pumping stations, storage facilities, while Bulgaria and Greece will share the remaining 49 percent.

Source: Xinhua