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2014-07-21 18:20:00

BULGARIA'S SOUTH STREAM

BULGARIA'S SOUTH STREAM

Despite proclaiming that is has suspended all work on the South Stream pipeline, the Bulgarian government have been moving ahead to ensure that funding is in place to start construction on the portion on the pipeline which will cross through its territory after emerging from the Black Sea at Varna.

Earlier this month, the European Commission launched an infringement procedure to launch a procedure against Bulgaria for non-compliance of the South Stream pipeline section with EU legislation and requested the Bulgarian authorities halt construction of the pipeline.

Brussels believes that the project has issues of public procurement, competitiveness and incompatibility with Europe's Third Energy Package, as Bulgarian draft bills could prevent third-party access to the pipeline.

However, Capital newspaper reports that government agencies Bulgarian Development Bank (BDB) and Bulgarian Export Insurance Agency (BAEZ) are to undertake guarantees in case of litigation and financial claims against the project.

BDB is expected to issue a guarantee on the amount of approximately EUR 100 million, representing the Bulgarian part of the initial downpayment. The risk will be insured by BAEZ, although Capital points out that in this case, no question of an export of goods or services or for securing receivables from foreign customers.

naturalgaseurope.com

Tags: BULGARIA, SOUTH, STREAM, EU, PIPELINE

Chronicle:

BULGARIA'S SOUTH STREAM
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

BULGARIA'S SOUTH STREAM
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

BULGARIA'S SOUTH STREAM
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

BULGARIA'S SOUTH STREAM
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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