Greek Prime Minister Costas Karamanlis announced on Monday Greece's participation in the construction of the new South Stream natural gas pipeline, linking Russia with Europe through Greece.

According to Greek News Agency ANA-MPA, Karamanlis made the remark after meeting on Monday in Istanbul with Russian Federation President Vladimir Putin.

Karamanlis said that the pipeline will strengthen energy security and the diversity of natural gas corridors to the European Union. Greece examined the issue with Russia, Bulgaria and Italy and is ready for the project to go ahead, he added.

"The benefit for all the countries of Europe will be considerable. The pipeline, together with the Burgas-Alexandroupoli oil pipeline and the Turkey-Greece-Italy natural gas pipeline, will make Greece an international energy cents, not only for oil and electric power, but for natural gas as well," Karamanlis said.

Karamanlis also referred to the excellent climate existing in relations and in cooperation between Greece and Russia and stressed that what has been agreed on the Burgas-Alexandroupoli oil pipeline is moving ahead.

President Putin stressed his satisfaction over the level of bilateral relations and pointed out that the Burgas-Alexandroupoli pipeline is going ahead. He said all sides agreed on the Burgas-Alexandroupoli oil pipeline and now is the time to proceed with the implementation of other phases as well.

The meeting took place on the sidelines of the Black Sea Economic Cooperation Organization's summit, held here to mark its 15th anniversary, and focused on Greek-Russian relations.