South Stream Bulgaria 'Keeps Spending Millions' Despite Project's Demise

Business » ENERGY | May 18, 2016, Wednesday // 10:55
Bulgaria: South Stream Bulgaria 'Keeps Spending Millions' Despite Project's Demise File photo, BGNES

The project company for abandoned South Stream spends BGN 4.5 M (EUR 2.25 M) every year even though the Russia dropped the project in 2014, a lawmaker said.

Citing an inquiry to the Energy Ministry, Nastimir Ananiev, an MP representing junior coalition partner Reformist Bloc, argued on Facebook the expenditure was "staggering" for a project company that used budget funding but had no activity whatsoever.

South Stream Bulgaria, co-owned by the Bulgarian Energy Holding (BEH) and Gazprom, maintains it has not received an official notice for the end of South Stream even though the Russian energy giant declared the project terminated earlier this year.

Ananiev added an employee of South Stream Bulgaria earns BGN 4750 monthly on average, with the nationwide average salary being considerably lower, and total expenses over a month are to the tune of BGN 0.4 M.

As many as 27 staff are employed by the company.

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Tags: Nastimir Ananiev, Reformist Bloc, Gazprom, south stream bulgaria, South stream, BEH
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