Bulgaria Endorses Setting up Joint Company with Russia for South Stream Project

Bulgaria Endorses Setting up Joint Company with Russia for South Stream Project

Bulgaria's government on Wednesday gave the green light to the the establishment of a joint stock company that will design, build and operate the Bulgarian section of the future South Stream gas pipeline.

The new company will be equally owned by state-run Bulgarian Energy Holding (BEH) group and Russian gas monopoly Gazprom, the cabinet said in a statement.

The decision was taken in line with Bulgaria's obligations set in the  the road map for the project, which the country signed with Russia in July and which sets the timeframe and the steps of the feasibility study, which will be used as the basis for making the final investment decision, the statement said.

Sofia and Moscow are expected to set up the joint company on Saturday.

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