Bulgaria to Receive South Stream Dividends from Y1

Business » ENERGY | November 3, 2013, Sunday // 12:11
Bulgaria: Bulgaria to Receive South Stream Dividends from Y1 Photo from the South Stream Bulgaria grounbreaking ceremony at Rasovo compressor station. M3 Communications.

The deal achieved between Bulgaria and Russia regarding the constrution of the South Stream natural gas pipeline is especially profitable for Bulgaria, stated Bulgarian Energy Minister Dragomir Stoynev.

"We negotiated to start receiving dividents starting from the first year - something that no other country achieved," said Stoynev in an interview for the Bulgarian National Radio Sunday.

The minister recalled that according to initial agreements between a previous Bulgarian government and Gazprom, the country was to receive dividends only 15 years from the start of exploitation.

"The pipeline will pass through 11 Bulgarian regions and will create some 5,000 jobs," said Stoynev.

Bulgaria's Economy and Energy Minister explained that the cabinet also negotiated the terms of a loan to be received by the Bulgarian Energy Holding from Gazprom for the construction of South Stream in Bulgaria.

He was resolute that Bulgaria will have to invest no own resources for the completion of the project.

"We also negotiated access to the pipe for third parties, which will ensure compliance with EU unbundling requirements," said Stoynev.

He vowed that once the final contracts with Gazprom are signed, they will be made public.

Thursday Gazprom CEO Alexei Miller was in Bulgaria, where he met PM Plamen Oresharski and Energy Minister Stoynev to finalize the start of South Stream in Bulgaria.

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: South stream, Gazprom, natural gas, Dragomir Stoynev, Alexei Miller, Bulgarian Energy Holding, Plamen Oresharski
Expats.bg All Are Welcome! Join Now!
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