Restart of South Stream, Gasprom back in business?
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.
“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
Latest Posts
- Serbia, The real plans of the Jadar project
- Eurasian Resources Group highly commends the publication of the Critical Raw Materials Act
- Rio Tinto has spent more than a million euros on land in Serbia at the proposed site of a lithium mine that was eventually cancelled a year ago
- A new grievance mechanism for Chinese overseas mining needs to be free to use
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
Popular Post
- Serbia, The real plans of the Jadar project
- Who are the main players in the ore exploration business in Serbia
- Rio Tinto Ultra lithium mining project in Serbia
- Lithium extraction in Europe
- Erin Ventures boron Piskanja project in Serbia, drilling report updates
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
- First Quantum Minerals, Roaring Back to Life thanks to sale of Kevitsa nickel-copper-platinum mine in Finland
- What Are The Major Natural Resources Of Macedonia?
- Serbian calcite exploitation company Belkalhan opening supply channels toward Europe industrial users for delivery contracts 2024/2025
- Solway copper mine Bucin Macedonia operations