All publications by tag «BULGARIA»
President Chakrabarti welcomed Bulgaria’s recent actions to strengthen the stability of its financial sector and promote the liberalisation of the energy market. He reconfirmed the EBRD’s commitment to support these reforms with investment and technical advice.
Bulgaria’s prime minister Boyko Borisov proposed the gas hub, to be built near the city of Varna, days after Russia scrapped the Gazprom-led South Stream pipeline project over objections from the EC, suggesting a different idea of what a hub is from the conventional, virtual trading point such as the Dutch title transfer facility.
The 180-km (110-mile) pipeline will be built by a Bulgarian-Greek joint venture that also includes Italian energy group Edison SpA.
"I will defend the position for the construction of Nord Stream II and (a) gas hub in Bulgaria - it is advantageous for the country and nobody can reproach me for that," Borisov told reporters.
Bulgaria’s Cabinet was preparing to seek damages for the idled properties that were due to host infrastructure for the now-abandoned South Stream gas pipeline, with the government approving on August 26 the methodology for calculating such damages.
Bulgaria didn't quit the South Stream gas pipeline project, Energy Minister Temenuzhka Petkova has said.
After Russia dropped the construction of the South Stream gas pipeline, Serbia is ready to look for new supply sources, and the priority according to Serbian officials, will be the interconnection with Bulgaria.
The Bulgarian government finds itself in a position where it needs to secure long-term reliable natural gas supplies, after two successive failures in the past few years to get involved in major infrastructure projects, namely the Nabucco and the South Stream pipelines.
The Bulgarian Government reportedly launched a €33,000 tender for the offshore section of the South Stream project, in order to better understand some financial implications of the project.
New natural gas pipeline project from Russia to Turkey, the Turkish Stream, is the only option on the table at present for Russia, say experts.