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Gazprom, Bulgaria sign off on South Stream

Aug. 29, 2012 at 6:34 AM   |   Comments

SOFIA, Bulgaria, Aug. 29 (UPI) -- The signing by Gazprom and Bulgaria of documents on the implementation of the South Stream natural gas pipeline is a milestone, an executive said.

Alexander Medvedev, deputy chairman of Russian energy company Gazprom, met with Bulgarian delegates in Sofia to sign documents related to the entry point of South Stream into the Bulgarian gas transit system and related issues.

"Signing of these documents is extremely significant for implementing South Stream, a trans-European project," Medvedev said in a statement. "This gas pipeline will enhance the reliability and flexibility of Russian gas supplies to Europe for the coming decades."

Geopolitical issues between Ukraine and Russia prompted Russian natural gas company Gazprom to look for new routes to deliver gas to European costumers.

South Stream would divide into two pipelines -- one to Greece and the other through the Balkans -- after it passes through the Turkish waters of the Black Sea. The project would carry roughly 2.2 trillion cubic feet of gas per year when it goes into service by 2015.

Bulgaria and Russia signed initial deals for the project in 2010. Last year, the country received more than 95 billion cubic feet of natural gas from Gazprom.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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