Gazprom, Bulgaria Discuss South Stream Construction

Today the Gazprom delegation led by Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee paid a working visit to the Republic of Bulgaria. Leonid Chugunov, Head of the Project Management Department also joined the delegation.

The discussion centered on the issues of the ongoing cooperation in the gas sector, in particular, the South Stream gas pipeline construction in Bulgaria.

The parties signed a number of documents in the presence of Delyan Dobrev, Bulgarian Economy, Energy and Tourism Minister.

Gazprom and Bulgarian Energy Holding EAD signed a protocol on the South Stream project implementation in the Republic of Bulgaria. The document defines the entry point of the gas pipeline into the Bulgarian gas transmission system, its parameters and further development of the project.

It was agreed to adopt the final investment decision for the project on November 15, 2012.

Besides, the parties formalized the accords reached in spring 2012 on terms and conditions of the existing contracts for Russian natural gas supply to Bulgaria. This will promote an increase in gas off-takes under the existing contracts.

“Signing of these documents is extremely significant for implementing South Stream, a trans-European project. This gas pipeline will enhance the reliability and flexibility of Russian gas supplies to Europe for the coming decades,” stated Alexander Medvedev.

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LNG World News Staff, August 28, 2012