Yuzhniigiprogaz, Gaztec to run South Stream pre-investment research in Bulgaria.

By bne IntelliNews February 10, 2011
State-run Bulgarian Energy Holding (BEH) and Russias gas major Gazprom have selected a consortium between Ukraines Yuzhniigiprogaz and the local Gaztec to run the pre-investment research of South Stream project on the territory of Bulgaria, BEH said on its website. The consortium should explore the technical, legal, ecological, financial and economic feasibility of the project in Bulgaria to ensure gas supplies to Central and South Europe. The final investment decision for South Stream construction will follow after the completion of the pre-investment research. South Stream is a joint project of Italy's Eni and Gazprom, envisaging transportation of Russian natural gas through the Black Sea to Bulgaria and further to Italy and southeastern and central Europe. It is due to be completed in 2015 and is estimated to cost EUR 25bn, much above the initially planned EUR 10bn. Gas supplies in the amount of 63bn cubic metres per year under the project are to start from the Beregovaya compressor station in Russia and reach Bulgaria through the Black Sea. In November, BEH and Gazprom signed the agreement for the establishment of a joint company with equal participation, which will manage the Bulgarian stretch of the South Stream natural gas pipeline.

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