Borissov: Gas diversification is now secured

Photo: BTA Bulgarian Prime Minister Boyko Borissov (L) and Serbian President Aleksandar Vucic

Transport and energy infrastructure development was the focus of a meeting between Bulgarian Prime Minister Boyko Borissov and Serbian President Aleksandar Vucic. The two spoke in Istanbul before the opening ceremony of the TurkStream pipeline.

Prime Minister Borissov praised the fruitful cooperation in the field of energy between Bulgaria and Serbia. He informed Vucic about progress related to the extension of the gas transmission infrastructure from the Turkish-Bulgarian to the Bulgarian-Serbian border. Borissov noted that implementation of the Balkan Stream project will provide an opportunity for natural gas deliveries from various sources at competitive prices, both for Bulgaria and for its neighbouring countries, as well as for the entire Southeastern European region.
Borissov said that both Bulgaria and Serbia have a gas hub and are not only exchanging gas in both directions, but ensuring gas diversification for "the next 20-30-50 years". For his part, President Vucic confirmed that the Serbs would also call the project Balkan Stream.
Prime Minister Borissov also noted that the Europe motorway is being built for Serbia. "The first lot will be ready by the summer, the other one is also undergoing procedures," Borissov added.
Last November, the Bulgarian PM visited Serbia, where he and President Vucic participated in the official opening ceremony of Corridor 10 stretching from the Bulgarian border to the Serbian city of Nis.

PM Borissov also held bilateral meetings with the heads of state of Russia and Turkey – Vladimir Putin and Recep Tayyip Erdogan, respectively – before the start of the inauguration ceremony for the TurkStream pipeline in Istanbul.

The TurkStream project provides the Russian Federation with a direct connection to Turkey’s natural gas transmission network. Some 930km (about 570mi) of the pipeline runs through the Black Sea – from the Russian town of Anapa to Kiyikoy, Turkey. The two lines that connect to the onshore routes have maximum capacity of 31.5bn m3 of natural gas annually. From the Kiyikoy terminal one of the two underground onshore pipelines connects to the Republic of Turkey’s existing gas transmission network at Luleburgaz. The other pipeline runs through the territory of Turkey to the country’s Bulgarian border. The onshore section from Kiyikoy to the Bulgarian border is 142km long (88mi).

Similar articles

  • Netherlands injects €2bn in carbon storage

    Netherlands injects €2bn in carbon storage

    The cabinet of the Netherlands announced it has granted some 2 billion euros subsidies to oil giants, including Royal Dutch Shell and ExxonMobil, Reuters reported. The funds will be targeted at an environmental initiative that is expected to be the largest carbon capture and storage (CCS) project in the world, Reuters reported.

  • Surging oil drives Total back to pre-Covid-19 profits

    Surging oil drives Total back to pre-Covid-19 profits

    The French energy giant Total announced it had managed to offset the negative effect of pandemic on its business, Reuters reported. The surging oil and gas prices on international markets in combination with increased electricity consumption had the key role for the firm’s financial restart. Total posted first-quarter earnings that were very close and matched to levels from before the pandemic. The company, which is shifting into renewable energy and diversifying away from fossil-based fuel activities, benefited from this drive as areas like oil refining suffered.

  • BP buys back $500m worth of shares

    BP buys back $500m worth of shares

    British Petroleum announced a new buyback programme focused on the company’s shares, AP reported. The UK firm said the operation will be funded by higher than expected revenues from sales in the first quarter of this year backed by higher international oil prices. The positive financial results were further stimulated by a significant reduction in debt levels.The expected buyback is valued at some 500 million dollars.