The European Commission (EC) said in a press release that it fully supports the plan, as it will eliminate the need for further oil tanker traffic and will also significantly reduce the chances of a serious accident and subsequent oil pollution in the Bosphurus Straits, as well as the Black, Aegean and Adriatic Seas.
The Pan-European Oil Pipeline is aimed at linking the Black Sea port of Constanta, Romania to the oil hub of Trieste, Italy. The EC said that the pipeline will be of great strategic importance, as pipelines from Trieste head north to Austria, Germany and the Czech Republic.
As well as Mr Piebalgs, the agreement was signed by government officials from Italy, Croatia, Slovenia, Serbia and Romania. According to EurActiv, the 1,300 kilometer pipeline, due to be completed in 2012, is expected to cost in the region of E2.6 billion. The publication also revealed that the pipeline is expected to deliver up to 100 million tonnes of oil per year to the European market.
EurActiv cited the International Energy Agency as stating that the European Union currently imports 23% of its oil from Russia, and 51% of its oil from the Middle East and North Africa. The pipeline is therefore important to European oil supplies, as it lessens the region’s dependence on outside providers.
Commenting on the agreement, Mr Piebalgs said: This project is a good example of enhanced cooperation among the members of the energy community.
