However, Bulgaria may not just yet pull out of the project to avoid paying penal charges to Greece and Russia and instead wait for the final report from its environment ministry.

The Bulgarian PM is stated to be opposed to the 300 kilometer project which would have earned the country millions of dollars in transit fees. The government has already rejected an earlier environment impact assessment project stating that it does not clarify if a potential oil spill would cause irreversible damage to the nature.

Putin is said to have accepted Bulgarian concerns and are scouting for alternate routes for the project. The project, which was signed in 2007, has been suspended after the new center-right government came to power. The tri-party joint venture company, known as Trans-Balkan was formed with Moscow holding 51 percent share and Sofia and Athens holding 24.5 percent each.

The project has faced stiff resistance from the local residents of Burgas and nearby Black resort towns as residents fear that it will cause serious environmental damage and discourage tourists from visiting them, thus adversely affecting their livelihood. However, the project had the potential of making Bulgaria one of the major energy hubs of Europe.

Boyko Borissov, PM of Bulgaria Image: Government.bg