SOFIA, Bulgaria, Nov. 15 (UPI) -- The formal registration for a joint Bulgarian-Russian venture for the South Stream natural gas pipeline is scheduled for the end of November, Gazprom said.
Russian Prime Minister Vladimir Putin met with Bulgarian officials in Sofia to sign a shareholders' agreement for the South Stream gas pipeline for Europe.
Maya Hristova, executive director of Bulgarian Energy Holding, said the natural gas pipeline would contribute to regional energy security issues.
"South Stream project is of utmost importance for Bulgaria as well as for the European energy market in view of route diversification for natural gas supplies and increase of European energy security," the director said in a statement.
South Stream would branch into two sections -- one to Greece and Italy and another through Austria -- once it reaches Bulgarian territory.
Russia aims to find alternate routes to ship natural gas to European consumers. South Stream would move 2.2 trillion cubic feet of natural gas to Europe per year after it passes through the Turkish waters of the Black Sea.
"Participation of Bulgaria in the South Stream project proves it is timely and necessary to create additional infrastructure of a trans-European scale," said Alexei Miller, the top executive at Gazprom, in his statement.
Formal registration for the joint venture between Gazprom and Bulgarian Energy Holding is set for the end of November.
