June 26, 2007 (LPAC)-–In his speech at the Istanbul summit of the Black Sea Economic Council, yesterday, President Vladimir Putin made a strong push for joint infrastructural development along the entire coastline of the Black Sea.

Coming from the Croatian capital Zagreb, where he had addressed the South East European Economic Council on a similar cross-border initiative on the Balkans, June 24, Putin said in Istanbul: "The Balkans and the Black Sea Region have always been the area of our special interests. We have always maintained a special relationship with these regions."

In particular, Putin pointed to the just-signed Russian-Italian project of a 900-kilometer underwater gas pipeline across the Black Sea from Russia to Bulgaria, "South Stream," which also Greece has vowed to join in. "This project means new transport capacity to support new contracts," Putin said, explaining that the "South Stream" project, along with the "North Stream" pipeline in the Baltic, would give Russia direct access to consumers in the European Union. Whereas many, even Turkish media, have reported dissent between Russia and Turkey over the pipeline project which would bypass the existing Turkish routes, Russia's Gazprom has stated after signing its "South Stream" deal with Italy's ENI, that the project would be open for participation also by other countries' firms, including those of Turkey.

Putin called on the other BSEC member states to continue work on a Black Sea Energy Ring project, promoted by Russia's leadership as a means of creating an open energy market around the Black Sea, and he endorsed the project of a "highway ring" all around the Black Sea, as well.

The members of the Black Sea Economic Cooperation (BSEC) organization, founded in 1992, are: Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Serbia, Turkey, and Ukraine. In a final declaration, the summit granted observer status to the European Commission.