Bulgaria has been offered to pay its installment as a shareholder in the Burgas–Alexandrupolis oil pipeline, estimated by Russia at EUR 7.3 million, by March 20, and to continue funding the project, Russian daily RIA Novosti reported on Thursday.

The decision has been taken by the shareholders and the supervisory board of the Trans-Balkan Pipeline, the project company which will build the Russian-backed oil pipeline, at a meeting in Rome.

Earlier, local paper Vedomosti reported that the Russian participants in the project -- Transneft, Rosneft and Gazprom Neft -- were going to announce during the meeting the suspension of their funding for the project.

Later that day however, Transneft said in a statement that the project company would not be closed down and the shareholders would only resort to reductions of staff and expenses.