Bulgaria to sign for South Stream in a week

“The signing of the contracts on the South Stream project and the new gas prices will be postponed for next week - Wednesday or Thursday - because Friday, November 9 is a day of national mourning for the death of Patriarch Maxim,” Minister of Economy, Energy and Tourism Delian Dobrev said on Thursday, cited by BTA.

“The route of the South Stream pipeline will be a completely new facility and will not use in any of its sections the existing gas transmission system,” explained the Minister. “The benefits of the South Stream for Bulgaria are multiple. On the one hand – proceeds from gas transit, on the other - creation of new jobs,” added Dobrev.

According to him, the investment in the project will exceed €3 bn, although the exact amount will become clear after the procedures for selecting contractors.

The signing of the South Stream contract is bound with the signing of a new contract for natural gas supply from Russia.

The Minister announced that next week, the new price for the supply of Russian gas will be known. According to him, it will be more advantageous than current one.

Bulgaria must sign the agreement on the South Stream project by November 15. By that date, the negotiations on the price and the parameters of the new contract for gas supply from Russia, to enter in effect as of January 1, 2013, should be completed.

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