Europe Natural Gas Prices Surge to EUR 29/MWh Following Russian Attack on Ukrainian Facility
Natural gas prices in Europe experienced a significant spike, surpassing 2% to reach 29 euros per megawatt-hour (MWh) on Monday
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The Bulgarian Energy Holding and Gazprom have announced the start of a tender to select a company to carry out a preliminary investment study for the construction of the South Stream gas pipeline on Bulgarian territory.
The start of the tender was announced Thursday by the press office of the Bulgarian Energy Holding, a state-owned mega-structure.
The long-anticipated first specific step towards the realization of the Russian-sponsored project South Stream comes after months of uncertainty about the fate of the project amidst rough talks between the Borisov Cabinet in Bulgaria and the Putin-led leadership in Moscow.
The tender is in accordance with a recently signed deal between the BEH and Gazprom, which agreed to set up a joint venture with 50/50 shares for the construction of South Stream on Bulgarian territory.
The documentation for participants in the tender will published on Friday, November 5, 2010.
Russian Prime Minister Vladimir Putin will visit Sofia on November 13, 2010, for talks not just on South Stream but also on other large-scale energy projects – the Belene nuclear power plant and the Burgas-Alexandroupolis oil pipeline.
The South Stream gas transit pipeline is supposed to be ready by 2015. Its construction is expected to cost between EUR 19 B and EUR 24 B. It will be transporting 63 billion cubic meters of natural gas annually, or 35% of Russia's total annual natural gas export to Europe.
The South Stream pipe will start near Novorosiysk on the Russian Black Sea coast, and will go to Bulgaria's Varna; the underwater section will be 900 km long.
In Bulgaria, the pipe is supposed to split in two - one pipeline going to Greece and Southern Italy, and another one going to Austria and Northern Italy through Serbia, Croatia and Slovenia.
The project was initiated by Gazprom and the Italian company Eni, and the French company EdF is also planned to join as a shareholder. It is seen as a competitor to the EU-sponsored project Nabucco seeking to bring non-Russian gas to Europe.
As early as April 2010, Russian Prime Minister Vladimir Putin announced that the French company EDF will also become a partner in the South Stream project. Back then he said that EDF asked for a 20% share, which, if granted, will probably leave Gazprom and Eni with 40% each.
As early as April 2010, Russian Prime Minister Vladimir Putin announced that the French company EDF will also become a partner in the South Stream project. Back then he said that EDF asked for a 20% share, which, if granted, will probably leave Gazprom and Eni with 40% each.
At a recent meeting in St. Petersburg, Berlusconi and Putin welcomed the idea of having German companies join in as shareholders. There is no indication as to how the joining of RWE or some other German company would re-apportion the stakes.
The ownership of the Russian-Bulgarian joint company to build and manage the Bulgarian South Stream section will be split 50-50%.
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