Bulgaria renegotiates the 8% interest on the loan of "South Stream - Bulgaria"


The Bulgarian government will attempt to renegotiate the interest which the project company "South Stream - Bulgaria " will receive from the Russian side to build the eponymous pipeline, Standart cites Minister of Economy and Energy Dragomir Stoynev.

He explained that the current government wants to alter some parts of the memorandum, signed by the Borisov government with the constructor Russian Gazprom, which do not correspond with Bulgaria's national interests.

One of the most important things is the financing the construction, which is directly related to the interest on the loan, which will be paid by "South Stream - Bulgaria" to Gazprom.

According Stoynev, the currently agreed interest of 8 % is not in the interest of Bulgaria.

The minister also added that the government will not make any hasty steps in the project prior to clarify any questions and be consistent with the European Commission.

The questions will be agreed until New Year, when the first sod of the project is expected to take place.

The Minister said that the government is doing everything possible to make up for the delay in the South Stream project, which are due to the unpreparedness of the signatory Borisov government.

Stoynev confirmed the importance of the project for Bulgaria and as it will be strengthening the economy through creating employment for local companies, tens of thousands of locals and as it will help the development of the poorest region of Northeast Bulgaria.

The planned gas connection between Bulgaria and Serbia will be operational from 2017, Stoynev informed based on his meeting with Minister of Energy Zorana Mihailovic.

The 540 -mile pipeline passes through 11 districts - Varna, Shumen, Targovishte , Razgrad, Rousse, Veliko Tarnovo, Pleven , Lovech, Vratsa, Montana and Vidin. Along its route in Bulgarian territory are a reception terminal at the beach and three compressor stations - "Varna", "Lozen" and "Rasovo".

It will have the transmission capacity of 63 billion cubic meters of natural gas annually through Bulgaria's territory.

The pipeline is to transport Russian natural gas through the Black Sea to Bulgaria and further to Greece, Italy and Austria. The project is seen as rival to the previously planned Nabucco pipeline. The construction of the South Stream started in December 2012, with a first commercial deliveries scheduled to late 2015.

Adapted from StandartNews

 

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