SOFIA, Bulgaria, Oct. 18 (UPI) -- Russian energy company Gazprom plans to set up a joint venture with Bulgaria to build the South Stream pipeline next month, Gazprom officials said.
Alexei Miller, the chief executive at gas monopoly Gazprom, met Bulgarian officials in Sofia to discuss plans to build the South Stream gas pipeline for Europe.
Miller said both sides agreed to move ahead with a feasibility study for the pipeline through Bulgaria.
"We are going to establish the joint venture in November 2010, much earlier than it was planned," he said in a statement.
Gazprom said a provision was made in the pipeline plans to reach a design capacity of the offshore section of the pipeline of 2.2 trillion cubic feet of natural gas.
South Stream would branch into two pipelines -- one to Greece and the other through the Balkans -- after it passes through the Turkish waters of the Black Sea.
Marcel Kramer, the chief executive officer of the South Stream venture, said plans for the project were giving him confidence.
"All in all I feel very positive about this project and I'm sure that it will give additional economic and commercial benefits to the transit countries as well to the diversity of routes," he said in a statement.
First gas is expected through South Stream by 2014.
