Bulgaria to sign contracts for the supply of compressed fuel in 2011

“The contract for the supply of compressed natural gas (CNG) from Azerbaijan and Georgia via the Black Sea to Bulgaria will be signed this year,” Bulgaria’s Ambassador to Azerbaijan, H.E. Vassil Kalinov, said yesterday in an interview for Trend agency. “No money problem exists because big financial institutions are willing to extend credits for a sufficiently effective and profitable project,” added H.E. Kalinov.

“The construction of the Burgas-Alexandroupolis oil pipeline is profitable for our country,” Plamen Russev, former director of the project’s Bulgarian branch, said yesterday. For corporate financing of the oil conduit, Russia offers a loan with a 7% interest rate and up to 20 years repayment term. “If this proposal is accepted, Russia will entirely assume the financial risk,” specified the Ambassador.

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