Gazprom Faces $13.1 Billion Loss Amid EU Energy Exports Decline
Russian energy giant Gazprom has faced a significant financial blow in 2024, recording net losses of 1.076 trillion rubles
As expected, the Russian-sponsored South Stream gas pipeline project has topped the agenda of talks between the CEO of Russian energy giant Gazprom, Alexei Miller, and Bulgaria's Prime Minister Plamen Oresharski.
The two spoke at a joint briefing after the meeting Thursday afternoon.
"Today we start the construction of the Bulgarian section of the pipeline South Stream - this is a glorious event," said Miller
He stressed South Stream was the most important part of energy security of Europe as supplies will go directly to Bulgaria, respectively to the European Union. The direct delivery would also reduce the price of gas for Bulgaria, according to him.
Miller confirmed that the first delivery of natural gas in Bulgaria via South Stream will happen in December 2015.
"Today we can give the symbolic start of a very important for Russia, Bulgaria and Europe project - South Stream. This is the largest project undertaken in our territory. The Bulgarian government will assist in the realization of this project," said Oresharski.
He explained the basic parameters of the project were further defined at the meeting.
"The Bulgarian side will not invest even a penny and the parameters are set so that they are profitable for Bulgaria," added the PM.
Opponents of the project, however, insist it is not true the pipeline will be of no cost to Bulgaria because under the clauses of the contract, the country will not receive any money from transit fees for 15 years and all revenues generated by the gas pipeline during the period would go to Gazprom.
Energy Minister Zhecho Stankov has firmly criticized the 2022 agreement between state-owned Bulgargaz and Turkish company Botas, arguing that there was no objective reason to enter into such a deal
Authorities have launched a wide-ranging investigation into the controversial gas transmission agreement between Bulgaria’s state-owned Bulgargaz and the Turkish company Botas
The European Commission is preparing a new phase of green legislation that could significantly impact fuel prices across the EU
As of July 1, a new pricing period begins for household electricity, heating, and hot water in Bulgaria
At an open session, the Energy and Water Regulatory Commission (EWRC) reviewed a proposal submitted by Bulgargaz EAD on June 10, 2025, for setting the July sale price of natural gas to end suppliers and licensed heating energy producers
The upcoming rise in electricity prices starting in July is expected to influence inflation in Bulgaria
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