An inter-governmental agreement on the project was agreed on 7 February 2007, and it was signed on 15 March 2007 in Athens, by the relevant ministers of the three countries, in the presence of their leaders, Vladimir Putin (Russian president), Sergey Stanishev (Bulgarian prime-minister), and Kostas Karamanlis (prime-minister of Greece).

[4][5] The agreement establishing the international project company was signed in Moscow on 18 December 2007 and the company—Trans-Balkan Pipeline B.V.—was incorporated in the Netherlands on 6 February 2008.

[9] On 19 October 2009, Italy, Russia and Turkey signed an inter-governmental agreement agreeing the participation of Russian oil companies in the competing Samsun-Ceyhan pipeline project.

Later it was said that the government would await an environmental impact assessment before making a final decision about termination of the project.

[12][13] In 2023, Bulgaria sought to revive this project to the Russo-ukrainian war, and Russia producing more oil starting in 2024.

[17] There were speculations that the part of Bulgarian and Hellenic stakes could be sold to other oil companies as Chevron, TNK-BP and KazMunayGas.

[14] The critics of the Burgas–Alexandroupoli pipeline project raised environmental concerns because of oil tankers traffic in the Aegean Sea, which contains numerous submerged rocks and island populations dependent on tourism and fishing.