Russia and Bulgaria have signed a deal to build the Bulgarian section of the SouthStream pipeline project, bringing Russian gas to Europe under the Black Sea.
The SouthStream project is 50% Russian owned through Gazprom. 20% belongs to Italian oil company ENI, and 15% each is owned by EDF and Germany’s BASF. The Bulgarian section will be 540 kilometres long, and cost 3.3 billion euros.
“Today we signed the final investment decision on the Bulgarian part of the South Stream project and I must say that Bulgaria, together with us started the realization of the project. The final investment decision means a final agreement of both sides to start the project,” said Gazprom boss Alexei Miller.
In all the project will cost over 16 billion euros; a high price say analysts for the 3600 kilometre-long pipeline, especially as it falls foul of EU rules on suppliers owning transportation capacity.
But SouthStream would bypass existing supply routes through Belarus and Ukraine, with whom disputes with Moscow over gas transit tariffs in the past have interrupted supplies and caused political problems.
Copyright © 2014 euronewsMore about:
- 1Rouble’s slump continues despite huge interest rate hike by Russian central bank
- 2A frightening business: Halloween scares up plenty of profit
- 3A week of endings: ECB completes stress-tests, Federal Reserve stops QE3
- 4Bank of Japan forced to boost stimulus as economy flounders
- 5Over 50 countries sign up to fight against global tax evasion
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International tv news | euronews: European and International tv news bulletin
- 3Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 4Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 5European Union News | euronews: latest breaking news and headlines about European Union
- 6Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 7All you need to know about the Ebola virus | euronews, world news
- 8How nasheeds became the soundtrack of jihad | euronews, world news
- 9Where is the best place in Europe for women? | euronews, world news
- 10Sweden becomes first European nation to recognise Palestine | euronews, world news
- 11What to expect in “The World of Ice and Fire,” George R.R. Martin’s new book | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13Learning through “serious games” | euronews, learning world
- 14International breaking news | euronews online world breaking news in video
- 15US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 16International news | euronews, latest international news
- 17Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 18Philippe Starck: ‘Words like longevity and legacy have become almost avant-garde’ | euronews, the global conversation
- 19US delivers technical aid to Ukraine but warns over security | euronews, world news
- 20euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
Wires > Business
- 03:17 CET China’s October official PMI edges down to 50.8
- 03:17 CET South Korea exports rise 2.5 percent in October, trade surplus at…
- 02:19 CET China’s October official PMI edges down to 50.8
- 02:05 CET J.P. Morgan found hackers through breach of corporate event…
- 01:45 CET Mexico could help realise Central America economic plan – ministry
- 01:25 CET Oi, America Movil, Telefonica to bid for Brazil’s TIM, sources say
- 00:13 CET Exclusive – U.S. probing Standard Chartered over Dubai banking…
- 23:13 CET Brazil gives go-ahead to 31 solar parks in push for new energy