24.3 C
Supported byspot_img

Restart of South Stream, Gasprom back in business?

Member of Europium Groupspot_img
Supported byspot_img

The Prime Minister said the two countries will create working groups to restore energy cooperation. Among other projects on the table is the Belene nuclear power plant, suspended in 2009.

Brussels opposed the South Stream pipeline, claiming the project violated the European Union’s Third Energy Package. The ruling stipulates that the same company, in this case Russia’s Gazprom, is forbidden to both provide and transport gas. The pipeline was intended to transport gas from Russia under the Black Sea to Bulgaria, then to Serbia and Western Europe.

In June, Russian President Vladimir Putin said Moscow is still interested in the project, but Gazprom could not proceed due to EU roadblocks.

Supported by

“How could we spend €9 billion just to have all this metal sink into the sea, without having secured the right to enter Bulgarian territory? But of course, as soon as we realized what was happening, we shut down any further work. We did not abandon the project, we were stopped from implementing it,” said Putin.

Read more
© Christian Charisius Gazprom proposes new gas pipeline to Southern Europe
After Gazprom cancelled South Stream in December 2014, the company planned to reroute the pipeline through Turkey. The Turkish Stream project was also shelved late last year due to the conflict between Moscow and Ankara after Turkey shot down a Russian warplane in Syria. However, with the thaw in relations between the countries, the project may be given another life.

The renewed activity from Bulgaria is linked to €550 million in compensation to Russia for the cancelled Belene nuclear power plant.

In 2006, Bulgaria contracted Russia’s Rosatom to build two 1,000 megawatt reactors at Belene on the Danube River. The project was abandoned after failing to attract €10 billion in investments.

“The arbitration ruling in its essence says that  NEK and Atomstroyexport should sit together and decide whether they will build that reactor, whether they will sell it and be done with it,” said PM Borisov after the court decision.

source: rt.com

Supported byElevatePR Digital

Related News

Canada Nickel reveals initial resource estimate for Deloro project, underscoring Timmins District prospects

Canada Nickel has announced the initial mineral resource estimate for its Deloro nickel sulphide project, located in Ontario's Timmins-Cochrane mining camp. This estimate marks...

Resouro Strategic Metals unveils extensive resource estimate for Tiros titanium and rare earths project

Resouro Strategic Metals, a recent entrant into Brazil’s rare earths sector, has unveiled a significant resource estimate for its Tiros project located in Minas...

NMMC targets $1 billion investment in 2024 to expand gold production capacity

Navoi Mining and Metallurgical Combine (NMMC), the world’s fourth-largest gold producer and Central Asia’s largest gold miner, has announced an ambitious investment program for...

U.S. and Kazakhstan strengthen energy partnership at 2024 Strategic Dialogue in Astana

On July 18, 2024, the U.S. Department of State and the Department of Energy, in partnership with Kazakhstan’s Ministry of Foreign Affairs and Ministry...
Supported by
Supported by
Supported by
error: Content is protected !!