The Executive Board of the international special-purpose entity (SPE) Trans-Balkan Pipeline B.V. has resolved 10 out of 12 issues regarding the implementation of the Burgas-Alexandroupolis oil pipeline project during its first ever meeting held in Amsterdam on May 15, head of the Executive Board, the company's President Sergei Vinnichenko told RBC on Monday. Among the most important matters he named the agreement in principle of the board's members to raise the company's initial budget (currently set at EUR 5.8m), depending on the future need for additional funding to make a feasibility study. The existing budget is not enough to launch the project, Vinnichenko said, adding that the required figure would only be determined after talks with the potential contractor on the feasibility study, which had yet to start.
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