Sofia, Moscow Wrap up Deal on South Stream JV

Sofia, Moscow Wrap up Deal on South Stream JV

Sofia and Moscow have finalized the deal on the establishment of 50/50 joint stock company that will design, build and operate the Bulgarian section of the future South Stream gas pipeline, Russian media reported on Thursday.

"Russian gas giant Gazprom has received a 50% stake in South Stream Bulgaria, the joint venture operating the Bulgarian sector of the South Stream pipeline project, which will pump gas to Southern and Central Europe," Moscow-based news agency RIA Novosti said, quoting a Gazprom statement.

The South Stream, a joint project of Gazprom and Italy's Eni, is expected to carry 63 billion cubic metres of Russian natural gas per year under the Black Sea to Europe, starting in 2015.

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