Burgas-Alexandroupolis – project company’s Supervisory Board meeting postponed at the request of Greece

The meeting of the Supervisory Board of Trans-Balkan Pipeline, the company responsible for the construction of the Burgas-Alexandroupolis oil pipeline, scheduled for December 14, was postponed for an indefinite period, Russian news agencies reported. They cited Igor Dyomin, spokesman of Russian company Transneft, who stated the meeting was cancelled at the request of the Greek side. The Russian oil operator, which is a majority shareholder in the project, and two Russian companies added that they expect instructions from the Government as to how they should react after Bulgaria’s decision to abandon the project. Moscow and Athens have already received official letters notifying them about Sofia’s intention to withdraw from the project. Dyomin explained that Bulgaria has asked for the cancellation of the intergovernmental agreement between the three countries.

“There are many options – winding up or freezing the company or continuing its operation without Bulgaria’s participation,” specified Dyomin. According to him, the claim that Bulgaria may be required to pay $1 bn in default for its quitting the project is not realistic.

At the beginning of December, Deputy PM and Finance Minister Simeon Djankov announced that Bulgaria will withdraw from the Burgas-Alexandroupolis project because it is economically disadvantageous for us. We will pay BGN 12.8 mln overdue since 2009,” added Djankov.

Meanwhile, the U.S. Chevron Corp. and the Kazakh KazMunaiGaz company expressed interest in purchasing Bulgaria’s stake in the oil pipeline.

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