Bulgaria, Russia sign South Stream gas project roadmap.

By bne IntelliNews July 19, 2010
Bulgarian economy and energy minister Traycho Traykov and Russian energy minister Sergey Shmatko signed on Saturday morning the roadmap for the project for the construction of the South Stream pipeline for natural gas transit from Russia to Southeast and Central Europe and Italy. The roadmap comprises the deadlines and the concrete stages of the pre-project research (to be completed by end-2011) and the setup of the joint project company between Bulgaria and Russia (to be set up by end-2011 also, most probably in February). Both countries will control half of the company, which will own the pipeline in Bulgaria. The price of the pipeline on the territory of the country is estimated at USD 835mn, half of which will be covered by Bulgaria and the remaining amount will be paid by Russia. Gas supplies in the amount of 63bn cubic metres per year under the project will start from the Beregovaya compressor station in Russia and will reach Bulgaria through the Black Sea. The pipeline network on the territory of the country will have two extensions to Serbia and Greece. The total investment is to reach EUR 25bn as compared to the initial plans of EUR 10bn. Russia's gas major Gazprom confirmed recently that field works on the South Stream project are to start in 2013 and be completed in 2015. Meanwhile, economy minister Traykov said that the Russian representatives have agreed to sign annexes to the existing gas supply contracts, which may lower the delivery prices for the country.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

EC urges Bulgaria to comply with EU rules on free movement of capital.

The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces ... more

Govt seeks delay of antitrust rules violation procedure against Bulgaria.

Bulgaria will be seeking an extension of the court procedure filed by the EC against the country over irregularities found in the assignment of digital broadcast spectrum, transport minister ... more

Bulgarians hold EUR 100mn in deposits in Cyprus.

Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    7 days ago
  2. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  3. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  4. Russia’s war economy boosted by rising oil prices
    8 days ago
  5. Poland’s Orlen paid $400mn to scammers for oil that never arrived
    12 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    29 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    27 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss