Gazprom Directors' Board to Discuss Issues of South Stream Bulgaria

Business » ENERGY | October 24, 2014, Friday // 21:22
Bulgaria: Gazprom Directors' Board to Discuss Issues of South Stream Bulgaria Photo by BGNES

Gazprom executives are to meet November 5 to consider the approval of certain transactions with the assets of South Stream Bulgaria, the Russian energy giant announced.

A 50-50 joint venture between Gazprom and the Bulgarian Energy Holding, South Stream Bulgaria AD was created to be responsible for the planning, construction and operation of South Stream's onshore section in Bulgaria, the first EU member on the pipeline's way.

South Stream Bulgaria halted the execution of the contract for the pipeline's construction after being instructed by the EU commission, the statement reminds.

However, it went on with certain activities despite a ban issued by interim Economy Minister Vasil Shtonov early in August.

It also voted to boost its capital to BGN 397.6 M days after Shtonov's warnings.

Earlier in August Stoytransgaz, the company to build South Stream's onshore section in Bulgaira, pulled out, announcing Gazprom's subsidiary Centrgaz was a likely replacement.

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Tags: South stream, south stream bulgaria, Gazpom, Bulgarian Energy Holding, Stroytransgaz, Centrgaz
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