Balkan Stream gets green light

Bulgartransgaz and Arkad Consortium signed on 18 September a contract for the delivery of materials, investment project design, development and putting into operation of the extended gas transmission network infrastructure from the Turkish-Bulgarian to the Bulgarian-Serbian border.

The contract was signed at the Council of Ministers in the presence of Prime Minister Boyko Borissov, Energy Minister Temenouzhka Petkova, Russian Minister of Industry and Trade Denis Manturov, the Ambassador of Saudi Arabia to Bulgaria Mesfer al Ghasi. The contract on the part of Bulgartransgaz was signed by Lyubomir Krustev and for Arkad Consortium by Hani Abdelhadi.

Bulgartransgaz CEO Vladimir Malinov pointed out that this is the beginning of an exceptionally important cooperation with Saudi Arabia, which will guarantee natural gas supplies to Bulgaria, the Balkans and Europe.

The contract is worth $1,102m, Malinov said. It has to be implemented within 615 days after its conclusion. That has to allow Bulgartransgaz to supply Serbia, then Hungary, and finally the hub in Austria.

PM Borissov pointed out that this is the so-called 'Balkan Stream' which will allow Bulgaria to remain on the European natural gas map.

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