Gazprom and EAD signed a protocol on the South Stream project implementation in the Republic of Bulgaria. The document defines the entry point of the gas pipeline into the Bulgarian gas transmission system, its parameters and further development of the project.
It was agreed to adopt the final investment decision for the project on 15 November 2012.
Besides, the parties formalised the accords reached in spring 2012 on terms and conditions of the existing contracts for Russian natural gas supply to Bulgaria. This will promote an increase in gas off-takes under the existing contracts.
With a view to diversify the natural gas export routes Gazprom is implementing the project for construction of a gas pipeline running under the Black Sea to the countries of Southern and Central Europe – the South Stream project. Intergovernmental agreements were signed with Bulgaria, Serbia, Hungary, Greece, Slovenia, Croatia and Austria in order to implement the onshore gas pipeline section. The Bulgarian part of the pipeline is planned to be operational in 2015 and the total completion in 2018.