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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, October, 22, 11:55:00

RUSSIA - EXXON: NEW PROJECTS

BLOOMBERG - Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country.

BULGARIA'S SOUTH STREAM
2018, October, 22, 11:50:00

IMF HAS UKRAINE FOR $3.9 BLN

IMF - The agreement reached today reflects the IMF’s commitment to continue to help Ukraine achieve stronger, sustainable, and inclusive economic growth. The new program has been developed in close coordination with the World Bank and the European Union, who have parallel operations to support Ukraine. The authorities’ steadfast and effective implementation will be critical for the program to achieve its objectives.

BULGARIA'S SOUTH STREAM
2018, October, 22, 11:45:00

UKRAINE'S GAS PRICES UP 23.5%

CNBC - Ukraine announced on Friday it would raise household gas prices by nearly a quarter as Prime Minister Volodymyr Groysman warned that the country risked default if it crashed out of its International Monetary Fund aid program.

BULGARIA'S SOUTH STREAM
2018, October, 22, 11:40:00

SCHLUMBERGER NET INCOME $644 MLN

Schlumberger Announces Third-Quarter 2018 Results Revenue of $8.5 billion increased 2% sequentially Pretax operating income of $1.2 billion increased 5% sequentially EPS was $0.46 Cash flow from operations was $1.8 billion Free cash flow was $1.0 billion

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