Bulgaria, Russia Ink Long-Anticipated South Stream Deal

Bulgaria, Russia Ink Long-Anticipated South Stream Deal

Bulgaria and Russia have signed an intergovernmental agreement for the construction of the Bulgarian section of the South Stream gas transit pipeline in the presence of their Prime Ministers, Boyko Borisov and Vladimir Putin, in Sofia.

The two state delegations of Bulgaria and Russia formally signed the South Stream agreement, consisting of two documents, which had been prepared in advance in the past few weeks.

It was inked by the CEO of the Bulgarian Energy Holding (BEH), Maya Hristova, and the CEO of the Russian energy giant Alexei Miller.

The deal stipulates the establishment of a joint venture, South Stream AD, which will manage the construction and the operation of the South Stream gas transit pipeline on Bulgarian territory - which will be the most crucial land section of the pipe. BEH and Gazprom will each have a 50% share.

"I would like to thank Prime Minister Borisov for the invitation, our dialogue is a friendly one," Russian Prime Minister Vladimir Putin stated at the joint news conference of the two state leaders after the signing of the South Stream deal and two other intergovernmental agreements.


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