Bulgaria plans to launch a feasibility study in 2017 for a proposed €1.5bn gas hub in the northern port of Varna on the Black Sea.The gas hub would store and transport gas from Russia through existing gas pipelines with neighbouring Romania, Serbia, Greece and Turkey, and eventually from an undersea gas pipeline from Russia (in the case a project similar to the South Stream gas pipeline is developed).
Bulgaria was supposed to import gas from Russia through the 63 bcm/year South Stream gas pipeline project from southern Russia to its coast but Gazprom decided to scrap the project in late 2014 after rows with the European Union over competition concerns and tensions over the Ukraine crisis. The project was replaced with a gas pipeline project to Turkey bypassing Bulgaria, but political tensions have stalled the project.
Bulgaria still expects to become a gas hub. The south-eastern European country will seek to attract foreign investors for an up to 50% stake, in order to make a final investment decision (FID) in 2020. Construction could start as early as 2021.