MOSCOW, Dec. 18 (Xinhua) -- Projects to build an oil pipeline across the Balkans and a natural gas pipeline under the Black Sea will increase Europe's energy security, the Russian president Vladimir Putin said on Tuesday.

    Building the South Stream gas pipeline and the Burgas-Alexandroupolis oil pipeline "will not only bring tangible economic dividends, but will improve energy security on the European continent," Putin was quoted by the RIA Novosti news agency as saying after a meeting with visiting Greek Prime Minister Kostas Karamanlis in the Kremlin.

    "We believe that we should concentrate our efforts on advancing major bilateral and multilateral agreements, including the construction of the Burgas-Alexandroupolis oil pipeline and the South Stream gas pipeline," he said.

    Russia, Bulgaria and Greece signed a memorandum on the oil pipeline in April 2005. Once completed, the pipeline will pump 35 million metric tons of oil a year, a volume that could eventually be increased to 50 million metric tons.

    The South Stream natural gas pipeline is set to cover over 900 km under the Black Sea from Russia to Bulgaria and supply 30 billion cubic meters of gas annually to the European Union. Possible routes for the land section, which will pass through Greece, are still being discussed.

    Karamanlis arrived in Moscow on Monday on a two-day visit for talks focusing on energy cooperation. The Russian leader said the two sides had discussed a wide range of bilateral measures to expand trade and economic cooperation.