Bulgaria to Pay Debt on Burgas-Alexandroupolis in 2012

Business » ENERGY | February 1, 2012, Wednesday // 14:59
Bulgaria: Bulgaria to Pay Debt on Burgas-Alexandroupolis in 2012 Photo by dariknews.bg

Bulgaria plans to pay its debt on the Burgas-Alexandroupolis oil pipeline in 2012, said Plamen Grozdanov, Bulgarian Ambassador to Moscow.

In an interview for Russian news agency Interfax, he explained that the Bulgarian government had agreed to allocate BGN 12.8 M for the payment of its financial obligations as a participant in the oil pipeline project.

Grozdanov specified that the sum had been accrued since 2009.

So far, unpaid installments to Trans-Balkan Pipeline, the company in charge of the construction of the Burgas-Alexandroupolis oil pipeline, amount to a total of EUR 6380 788.

The Russian shareholder in the project owed EUR 3 344 970, 20, while the Greek shareholder owed EUR 1 541 309,80 for 2009.

In 2011, Bulgaria's debt to Trans Balkan Pipeline grew by EUR 171 500.

The Bulgarian Ambassador assured that the proceeds for the settlement of the debt had been earmarked under Budget 2012 by the Finance Ministry.

In the beginning of December 2011, Bulgaria decided to quit the Burgas-Alexandroupolis oil pipeline project on the grounds that it is not economically viable.

At that point, Prime Minister Boyko Borisov and Finance Minister assured that Bulgaria would not have to pay damages over the withdrawal.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Energy » Be a reporter: Write and send your article
Tags: Burgas-Alexandroupolis, oil pipeline, Trans Balkan Pipeline, Plamen Grozdanov

Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria