Bucharest, Feb 12 /Rompres/ - The Interstate Committee of the Pan European Oil Pipeline project Constanta-Trieste (PEOP), assembled over February 8-9 in Zagreb, approved the final form of the Agreement Memorandum regarding the implementation of the PEOP project and the establishment of a development company for the project, Rompres was informed on Monday in a release.

The Romanian side was represented in the meeting by Eugen Tapu-Mazare, State Secretary with Ministry of Economy and Trade and by representatives of the ministry, of Conpet and of Oil Terminal.

The relevant ministries will sign the Agreement Memorandum over March 21-22, where the Romanian side will be represented by the Minister of Economy Codrut Seres.

Romania is one of the five countries involved in the construction of Constanta-Trieste oil pipeline. Romania will benefit for a 20 year period from 2.27 billion dollars for 40 million tonnes a year transit capacity, 3.1 billion dollars for 60 million tonnes a year transit capacity and 4.39 billion for 90 million tonnes a year transit capacity.

Constanta-Trieste Oil Pipeline is the most direct way towards Europe. The Interstate Committee, currently under Croatian chairmanship, is made up of Romania, Serbia and Croatia, while Italy and Slovenia are observer members.

By connecting the pipeline to the Trans Alpine Pipeline Network, Germany, Austria and other western states become target markets. The new oil pipeline is an alternative to the Russian energy sources.

[Source: Romanian National News Agency ROMPRES ]