Megapijplijn verbindt Kaspische olievelden met Griekse havenstad (en)

While the size of the world's remaining resources of oil is disputed, consumption is rocketing together with the prices.

This has given a sudden boost to long-planned projects of building oil-pipelines across the continent aiming at securing access to important energy resources.

Bulgaria, Greece and Russia are set to sign today (12 April) an agreement to build an oil pipeline from the Black Sea to the north Aegean, providing a new outlet for Caspian oil, according to the Financial Times.

The 300 km long pipeline will cost 900 million euro and link the ports of Burgas and Alexandroupolis. The pipeline would start operating in 2008 and could replace oil tankers that currently ship the crude across the overcrowded Bosphorus Strait.

Energy co-operation was also central in the talks when Ukrainian President Viktor Yushchenko visited Poland on Monday (11 April).

The long-proposed extension of a Ukrainian pipeline into Poland to bring Caspian Sea oil to Europe was discussed in detail. The idea is to extend and reverse the flow of the existing Odessa-Brody pipeline, which currently pumps Russian crude to the Black Sea.

According to Kyivpost, a meeting with the United States, Kazakhstan and Poland on the project is planned, but no date has been fixed as yet.

Poland sees Caspian Sea oil imports as a chance to limit its dependence on Moscow for energy sources. Mr Yushchenko has also made the pipeline a symbol of Ukraine's growing independence from Moscow.

"Now there is no problem of oil, there is no problem of financing, the greatest challenge is to co-ordinate all the parties involved," Mr Yushchenko told a news conference in Warsaw, Reuters reported.

Poland has long been one of the most prominent advocates of Ukraine's EU membership.

"What has happened now - the friendly relations between Ukraine and the EU - should bring membership in the EU in the timeframe of 10 to 20 years," Polish president Aleksander Kwasniewski said at the press conference.