M. Andonov: There is enough information on the South Stream project

“The Bulgarian society has been presented with sufficient information on the South Stream pipeline project,” Mihail Andonov, Executive Director of the Bulgarian Energy Holding (BEH) said on BNR on Sunday.

“Everything that could be said before signing the contract on November 15 has been said,” he underlined, commenting on President Rosen Plevneliev’s statement from Saturday that there is not sufficient information about the project. According to Andonov, the Head of State has also been given adequate information.

The signing of the South Stream contract was postponed to November 15 because of the day of national mourning in Bulgaria for the death of Patriarch Maxim.

“No one has held secret negotiations. Bulgaria’s interests are adequately protected. Everything is transparent,” assured BEH’s head.

He specified that the talks on the South Stream project had been held by BEH on behalf of Bulgaria, and Gazprom on behalf of Russia, which are are shareholders in the gas pipeline.

“The most recent intense talks were held in August and September. We are now ready to sign the investment decision,” explained Mihail Andonov. “The State and BEH have not undertaken any commitments for financing the South Stream gas conduit,” he pointed out. “The term of operating the pipeline is 25 years and its life cycle - 40 years. The facilities will be owned by the South Stream Bulgaria company, in which we and Gazprom have an equal 50% stake,” specified Mihail Andonov.

He explained that the real price of gas will become clear after all tenders for supply of pipes and other materials are held. However, Andonov is adamant that the proceeds from the gas conduit are guaranteed.

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