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Balkan Leaders Approve US Pipeline Project

The prime ministers of Bulgaria, Albania and Macedonia have endorsed a $1.2 billion U.S. pipeline project to ship crude oil from the Black Sea to the Adriatic.

Prime Ministers Simeon Saxcoburggotski of Bulgaria, Fatos Nano of Albania and Vlado Buckovski of Macedonia signed a declaration supporting the project Tuesday in Sofia, Bulgaria.

The pipeline, to be built by U.S.-based AMBO Oil Corporation, will run between Bulgaria's Black Sea port of Burgas and the Albanian port of Vlore. It will ship oil from Russia and other parts of the former Soviet Union.

Mr. Nano said the project is very important for the Balkans' economic development.

The Associated Press quotes company chairman Ted Ferguson as saying construction of the pipeline will begin next year.

Some information for this story provided by AP.