Bulgaria, Russia Sign Road Map on South Stream Gas Pipeline Project

Bulgaria, Russia Sign Road Map on South Stream Gas Pipeline Project

Sofia and Moscow signed an agreement moving ahead with the implementation of the Russia-backed South Stream gas pipeline project on Bulgarian territory, the Bulgarian Energy Ministry said.

The parties also agreed on a reduction of the price of Russian gas deliveries and on direct supplies to the Balkan country, the ministry said in a statement released after the end of negotiations between the two countries' energy ministers near Varna, on the Bulgarian Black Sea coast. Representatives of Russian gas major Gazprom participated in the talks.

"We have made progress on all gas-related issues," Bulgaria's Energy Minister Traycho Traykov was quoted as saying. "For South Stream this is the road map, which sets the timeframe and the steps for the feasibility study, which will be used as the basis for taking a final investment decision."

On Friday Bulgaria and Russia agreed to set up a joint company for the construction of the South Stream gas pipeline by February 2011.


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