Russia again says Bulgaria failed to pay dues for Bourgas-Alexandroupolis

Russia again says Bulgaria failed to pay dues for Bourgas-Alexandroupolis

Bulgaria has failed to pay its obligations to Trans Balkan Pipeline, the project company engaged in the construction of the Bourgas-Alexandroupolis oil pipeline, Mikhail Barkov, vice president of one of the project participants, Russia's pipeline monopoly Transneft, said on Monday as quoted by RIA Novosti.

Bulgaria was requested to pay its EUR 6 million debt on the project by March 20, 2011.

"The Bulgarian party has not transferred the funds, they are citing some kind of procedural hurdles. We have additional funds contributed by the Russian shareholder, which will suffice until about June," Barkov said.

Last month, Moscow warned it could sue Bulgaria for compensation if the country drops the project.

"The status of the project is such that we have practically frozen all activity. We are waiting for the final official decisions from the Bulgarian government and we will proceed according to the relevant inter-governmental and corporate agreements in place, with options for withdrawal being possible," Russia's energy minister Sergei said in February.

Bulgaria and Greece have equal stakes of 24.5% in the Trans Balkan Pipeline project company, while Russian companies Transneft, Rosneft and Gazprom Neft control a combined stake of 51%. /Source: Dnevnik/

Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.