Translated by Ollie Richardson for Fort Russ
11th January, 2016
Work on the project “South Stream” in the next few weeks will be restored. According to the newspaper “Standart”, “such signals from Russia were received by Bulgarian Prime Minister Boyko Borisov”.
“There are two main reasons why Moscow will resume the project, frozen in summer of 2014 by the Oresharski Cabinet (Plamen Oresharski, Prime Minister of Bulgaria, who, after meeting a group of U.S. senators announced in 2014 the freezing of the project). One of them is the sharp deterioration of relations between Russia and Turkey. The second reason is the recession in the Chinese economy, which has stalled the “Power of Siberia” gas pipeline, which should deliver natural gas to China, – says the publication, citing experts and sources in the government. The revival of the project “South Stream” will be done to meet the requirements of Brussels and to fit in with the idea of building a ‘Balkan’ gas distribution centre, supported by the EU, which cannot be implemented without Russian gas”.
According to the newspaper, the pipeline project will probably be one of the items on the agenda of the meeting of the intergovernmental Commission on trade-economic and scientific-technical cooperation, to be held in Sofia in late January after a five-year break.
The Russian President Vladimir Putin on 1st December 2014, said that in current conditions Russia would not implement the project “South Stream”. In turn, the head of “Gazprom” Alexey Miller noted that the project “South Stream” is no longer relevant.
In December 2014, the Italian company Saipem, part of Eni group, Italian partner of Gazprom, had received notification of the suspension of the “South Stream”.
The project “South Stream”, worth 15.5 billion euros, was designed to deliver to Europe 67 billion cubic meters of gas per year.