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2016-08-26 18:30:00

BULGARIA'S GAS HAB

BULGARIA'S GAS HAB

 

south stream gas pipeline map

 

According to NGW, in early September about 17 international energy companies will come together to discuss a Balkan gas hub concept promoted by the Bulgarian government and supported by the European Commission (EC), the government said.

The stakeholder investor roundtable meeting in Varna September 5-6 is organized by the Bulgarian authorities and the EC. Energy giants from Europe – including UK BP, Austrian OMV, Russian Gazprom, Greece's Depa, Azerbaijan Socar and Germany's RWE – as well as US Cheniere Energy – will attend, according to reports.

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 63bn m³/yr South Stream line was designed to deliver gas from Russia to Bulgaria and further to Europe – to Serbia, Hungary and Slovenia, but Bulgaria was found in breach of European Union rules on procurement.

The ambitious new project foresees gas in the hub to be supplied from Russia, Azerbaijan and Turkmenistan as well as from Bulgaria and Romania, Borisov said at a high level energy meeting in Sofia last February. According to him, the government and the EC are jointly developing the project and securing funding for it.

He said Bulgaria would need about €2.2bn to build the hub, which besides the pipeline gas can distribute LNG from terminals in Greece. During a visit to Varna August 6, Borisov told reporters that "steps have been made to find investors for Balkan gas hub, a future distribution centre on the Bulgarian Black Sea coast for delivering gas to Europe received from various sources."

Aiming to support the idea and to diversify its gas supply Sofia has been making efforts to build gas links with neighbouring Greece, Romania, Serbia and Turkey, the government says. As part of the plan Borisov also sees an option to resume a "shorter version of South Stream", without giving more details but possibly referring to the planned sub-sea line from Russia directly to Bulgaria.

Borisov and Russia's president Vladimir Putin have discussed over the phone the creation of working groups to review joint energy projects, the government said August 6. "The working groups will discuss opportunities to resolve problems related to those projects in accordance with the European Union regulations," they said, adding that South Stream was among those projects.

Putin said: "after suffering certain losses," Russia needed "rock-solid legal guarantees" to return to the South Stream project. "We see that the Bulgarian side would like to return to this project... But intentions alone are not enough," he said at the press-conference August 9 after meeting with Turkey's president, Recep Tayyip Erdogan, Interfax reported.

EC president Jean-Claude Juncker said that the EC continued to work on the development of the Balkan gas hub, which may well include the supply of Russian gas, but only if it "fully complies with EU competition rules," according to his letter distributed by Bulgaria's PM office August 4.

Meanwhile, Gazprom is shutting down the department in charge of South Stream. About 100 employees were given two months to find a new job, RBC reported this week. According to department head Leonid Chugunov, this is a routine restructuring.

The project management department was established in 2009 to oversee the construction of the South Stream pipeline which, in December 2014, was replaced by Turkish Stream.

According to sources, for the past year and a half the department oversaw work on Turkish Stream and negotiated with South Stream partners and contractors on "unresolved issues." For example, the offshore contractor Italy's Saipem is trying to extract €759mn as penalty payment from Gazprom for the early termination of the contract and the work already done.

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Earlier: 

GAZPROM SALES UP TO 49% 

IRANIAN GAS TO EUROPE 

TAP WILL RUN 

RUSSIAN - TURKISH ENERGY 

EUROPE'S GAS EQUILIBRIUM 

RUSSIAN GAS PROTECTS EUROPE 

СНОВА ЮЖНЫЙ ПОТОК

 

 

 

Tags: EUROPE, RUSSIA, GAS, BULGARIA

Chronicle:

BULGARIA'S GAS HAB
October, 16, 11:50:00

SAUDI ARAMCO IPO

Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.

BULGARIA'S GAS HAB
October, 16, 11:45:00

SAUDI'S BANKS ARE BETTER

But we expect a rise in the sector's NPL ratio and muted credit demand in the second half of 2017 and 2018, reflecting the slowing economy. GDP growth slowed to 1.4% in 2016 from 3.4% in 2015 and we expect it to be below 1% in 2017 and 2018.

BULGARIA'S GAS HAB
October, 16, 11:40:00

OPEC EXPECTATION

The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average.

BULGARIA'S GAS HAB
October, 16, 11:35:00

JAPAN LNG INVESTMENT

The Japanese government will offer $10 billion to support firms bidding to build liquefied natural gas (LNG) infrastructure around Asia, the Nikkei business daily said on Monday.

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