Bulgaria must announce its final investment decision on the South Stream pipeline project until November 15

By November 15 this year, Bulgaria must take its final investment decision on the South Stream pipeline project and inform the Russian side. Moscow's plans are for Gazprom to construct the marine part of the facility and, afterwards, to launch the construction of the pipeline on our territory, announced Delian Dobrev, Minister of Economy, Energy and Tourism, after his return from Moscow where he had talks with the Russian Deputy Prime Minister, Igor Sechin and the Energy Minister, Sergei Shmatko, as well as with Gazprom's Head, Alexei Miller. "We stated that the South Stream pipeline project is a priority for Bulgaria. This pipeline will be to the benefit of both Bulgaria and Russia. We agreed to accelerate all activities related to its construction," explained Dobrev.

As a result of the acceleration of procedures on the South Stream project, Bulgaria received an 11.1% discount on the price of natural gas. The price reduction will be valid for nine months - from April 1 until the current contract expires at the end of the year, announced the Energy Minister. During Dobrev's visit, the question of the potential price of natural gas as of the beginning of 2013 was not raised.

Bulgaria and Russia have agreed on "a friendly way" to terminate the NPP Belene project, stated Dobrev. "We agreed that, in April, workshops from NEK and Atomstroyexport should calculate and register the work carried out so far, as well as report the cost of the equipment already manufactured and the additional amount Bulgaria must pay," explained Dobrev. According to him, the deadline is April 30, 2012. The aim is to settle all accounts between the two countries "without instituting any cases, legal proceedings or any emergency claims for damages." This does not exclude the possibility of a financial compensation for Moscow under the effective agreement.

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