"The oil pipeline will be defined as a project of national significance to resolve secondary problems we could face as well as bureaucratic difficulties. We want to move as fast as possible. I believe this is the wish of both the Russian and Bulgarian sides," Mr Khatzidhakis added. Russia, Bulgaria and Greece signed a memorandum on the Burgas-Alexandroupolis oil pipeline in April, 2005. Once completed, the pipeline will initially transport up to 35m tons/yr, with a planned final capacity of increased to 50m t/yr. According to the inter-governmental agreement signed in 2007, Russia holds 51% in the project company, while Greece and Bulgaria hold 24.5% each. Mr Tokarev said the project is not aimed against third countries but will raise the reliability of supplying Europe with energy.