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Norton Rose Group advises on Burgas - Alexandroupolis pipeline

International legal practice Norton Rose Group, is advising Pipeline Consortium Burgas – Alexandroupolis Limited, a Russian entity comprised of Transneft, Rosneft and Gazpromneft, on the development of the Burgas - Alexandroupolis pipeline.

The project, which involves the construction of a crude oil pipeline connecting the Black Sea port of Burgas (Bulgaria) to the Aegean port of Alexandroupolis (Greece) is being developed with the support of the Republic of Bulgaria, the Russian Federation and the Hellenic Republic. The pipeline will provide a bypass to the congested Bosporus Straights that will enable Russian and Caspian Sea sourced crude oil to reach world markets.

The project reached a historic milestone on 6 February 2008 with the incorporation in the Netherlands of Trans-Balkan Pipeline B.V., the international project company that will design, construct and operate the pipeline in line with the terms of the shareholders agreement that was signed earlier this year in a much anticipated signing ceremony in Sofia attended by President Putin of Russia, President Parvanov of Bulgaria and the Minister of Development of Greece, Mr. Christos Folias.

The other shareholders in Trans-Balkan Pipeline B.V. are (i) a Greek entity comprised of Hellenic Petroleum and Thraki S.A. with a 23.5% shareholding; (ii) a Bulgarian entity comprised of Bulgargaz Holding and Technoexportstroy with a 24.5% shareholding, while the Greek State has retained a 1% stake but it will not be involved in the day-to-day operation of the pipeline company.

Norton Rose Group, corporate finance partner (Energy & Projects), Valentina Gluhovskaya, commented:

“We are delighted to have acted for the Russian shareholder on this pipeline project that “will bring not only tangible economic dividends but also a significant increase in energy security for the whole European continent” (as quoted by the President of the Russian Federation, Mr Vladimir Putin) and we strongly believe in the success of the project and the further cooperation of all parties involved.”

The Norton Rose Group team was led by Valentina Gluhovskaya and was assisted by associate Theo Zafiropoulos from Moscow. Corporate finance, partner Ep Hannema and associate Saskia Blokland advised from Amsterdam.

The Bulgarian shareholder was advised by Paul Hastings Janofsky & Walker LLP and the Greek shareholder was advised by Allen & Overy LLP.

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Norton Rose Group advises on Burgas - Alexandroupolis pipeline