// IP Marketing video - START// IP Marketing video - END

Bulgaria halts South Stream gas pipeline project

Bulgaria halts South Stream gas pipeline project

PanARMENIAN.Net - Bulgaria’s Minister of Economy and Energy Vasil Shtonov has ordered the country’s Energy Holding to halt any operations on the South Stream gas pipeline project.

The works were suspended as they do not meet the requirements of the European Commission, the ministry said on its website on Monday, Aug 18, according to RIA Novosti.

The South Stream pipeline, expected to carry Russian gas across the Black Sea to Southern and Central European countries, is aimed at diversifying export routes for Russian gas.

The project stalled when the European Commission expressed concern that Russia’s bilateral agreements with European transit countries, namely Austria, Bulgaria, Hungary and Slovenia, violate the EU Third Energy Package. According to these legislative proposals, the pipelines in the EU cannot belong to the natural gas extractors.

South Stream construction began in late 2012, with the first deliveries expected in 2016. The pipeline is supposed to become fully operational in 2018.

 Top stories
The financing will be directed to energy efficiency, renewable energy, agribusiness, food processing, education and healthcare projects.
Gazprom supplies gas to Armenia through Georgia, but the transit agreement expires at the end of 2016, and Gazprom is keen to reduce the fee.
A proposal made at a Cabinet session suggested that the watchdog apply differentiated rates for natural gas and electricity.
The M6 highway is a vital link connecting Armenia with Georgia and beyond, providing the shortest link between the respective capitals.
Partner news