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South Stream gas project irreversible - Bulgaria’s Energy Minister

Published time: June 09, 2014 11:23
Edited time: June 09, 2014 14:58
Reuters/Sergei Karpukhin

Reuters/Sergei Karpukhin

South Stream gas pipeline is irreversible, Bulgaria’s Energy Minister Dragomir Stoynev said Monday, stressing that Bulgarian authorities have not given up plans to proceed with the project.

The minister's comment comes after Sunday's announcement that the country’s premier Plamen Oresharski ordered a halt to the Russian Gazprom-led project which faces pressure from the EU.

“If we look at this situation strategically, not emotionally, it will be clear that the South Stream project can’t be canceled. It’s equally important for Europe and Bulgaria,” Stoynev said.

“I’m convinced that all the issues currently on the table will be solved,” Stoynev added.

In order for South Stream to operate it needs approval from the EU, which is trying to stall the project until it complies with Europe’s Third Energy Package. In Europe, pipelines can’t be owned and operated by the same company, and according to the law Gazprom can only hold 50 per cent of the project.

"The Prime Minister came out quite rapidly and said the project goes on, we are going to continue building, we want that several billions dollars of investment in Serbia, we need the jobs, we want to be effectively connected as a gas pipeline to the rest of Europe," Patrick Young, a global finance expert told RT.

Monday has been full of mixed messages between government officials and heads in Bulgaria, and as a result, Serbia has too.

On Monday morning, Serbia’s Deputy Prime Minister and Minister of Transport Zorana Mihailovich announced that Serbia was stopping work on the gas line, is response to Bulgaria’s decision to halt work. However, just hours later, Serbia’s Prime Minister spoke out and said that Serbia has no plans to delay work on South Stream.

Young emphasized that the announcements from Serbia this morning were referencing infrastructure problems, and not Serbia's decision to pull out of the project completely, he said.

However, Gazprom has said the project can be completed without any outside international funding.

Bulgaria, the poorest member of the EU, imports nearly 90 percent of its natural gas from Russia. The country's president, Rosen Plevneliev, has said he hopes to cut dependence on Russia by 50 percent in the next five years.

Gazprom’s $45 billion South Stream project, slated to open in 2018 and deliver 64 billion cubic meters of natural gas to Europe, is a strategy for Russia to bypass politically unstable Ukraine as a transit country, and helps ensure the reliability of gas supplies to Europe.

Comments (59)


DS 12.06.2014 17:21

There can be no stabilty here iin the West. Forget the EU. A winter of no gas will put the finishing touches on US interference in Bulgaria, Serbia, Germany and maybe others. Russians have done without and are tough. They can handle US meddling, but can the US do without the rest of the world?


Heaven Knows 12.06.2014 03:27

Amvet 10.06.2014 10:15

Over the years there have been leaks that the US would go to war to prevent close EU-Russian economic and military cooperation. Clearly our bloody coup in the Ukraine and our pushing sanctions on Russia are designed to reduce EU-Russian cooperation and damage both Russia and the EU. Our approach I do not understand the EU leaders damaging their own countries in order to obey the USA.


My hat is off to you who fought for the US. My hat is off to you more for showing true patriotism by seeking truth instead of taking a position of "Go US right or wrong".


Heaven Knows 12.06.2014 03:21

Pierre Dumont 10.06.2014 14:26

NSA ? I don't care , my freedom of thought ... speech is sacred! Voltaire is my master not Obama nor Cameron. I am "free".. .will remain "free ... at all costs .


If Voltaire is your master, then Obama and Cameron are also your masters. Voltaire was instrumental in creating the Free Mason French Revolution. It is the free masons which are a huge off-shoot of the Zionist New World Order which promote the money changers' demonic plan of world luciferian rule. Voltaire reads well but his history and involvement in the French Revolution says it all.

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