SOFIA, Bulgaria, July 12 (UPI) -- Early investments in the South Stream gas pipeline will deliver long-term benefits to the Bulgarian economy, the prime minister said in Sofia.
Bulgarian Prime Minister Boyko Borisov said last week that he has "come to terms" with the South Stream gas pipeline to Europe and agreed to host a leg of the project. He said a fresh look at the economic aspects made the project attractive for his country, the Sofia News Agency reports.
"The South Stream project is going to provide natural gas for Western Europe and, if we invest $400 million in it now, we are going to receive transit fees until the end of our lives," he said.
Russia aims to diversify its transit options to Europe with South Stream. The project is designed to carry as much as 2.2 trillion cubic feet of natural gas each year through the Balkans to southern Europe.
The prime minister said his country is generating around $100 million per year with transits through existing gas network.
Alexander Medvedev, the deputy chief executive of Gazprom, is expected Thursday in Sofia to sign documents on the South Stream pipeline.
Gazprom in January established a special project management department to oversee developments of South Stream. Deliveries through the pipeline are expected by 2015.
