Bulgaria to get $ 2.5 bn per year for Russian gas transit

Mar 15, 2007 01:00 AM

Bulgaria will get up to $ 2,5 bn per year for the transit of Russian gas, Russia's President Vladimir Putin said upon signing the deal of Burgas-Alexandroupolis oil pipeline in Athens.
"I am acquainted with the agreements between our corporations and the role and importance of Bulgaria as a transit country will rise," Putin said.

Bulgaria's PM Sergey Stanishev reminded that Bulgaria signed a long-term agreement with Russia for the transit of Russian gas. This will bring stability in supplies and meets the interest of Russia, Stanishev said.
Bulgaria and Russia signed a package of documents that envisage continuing the contracts for gas transport from 2010 to 2030. After 14 years of talks and numerous delays, an agreement was finally reached, as the signatures of Stanishev, his Greek counterpart Kostas Karamanlis and Putin testify.

Initially developed in the mid 1990s, the strategic pipeline will transport Russian crude oil along a land route that bypasses the traffic-congested Bosporus and Hellespont straits. Its initial capacity is set at 35 mm tpy, but it can be increased to 50 mm tpy.
Three Russian energy companies, all state-owned, will own a joint 51 % stake in the company that will operate the pipeline. The remainder will be shared out between Bulgaria and Greece.

US oil major Chevron is mulling over plans to buy into the consortium and the issue was discussed at the meeting of Bulgaria's Economy Minister Rumen Ovcharov with two Chevron vice-presidents earlier.
The pipeline will be 280 km long, including 166 km through seven municipalities in south-eastern Bulgaria. The cost of the project is estimated at $ 700-900 mm.

Source: RIA Novosti
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