Bulgaria, Russia boost South Stream pipeline

Russia and Bulgaria agreed on Saturday to push ahead with the South Stream pipeline project aimed at transporting Russian natural gas under the Black sea to Europe and seen as a rival to the EU-backed Nabucco link.
The agreement was signed in Sofia where Russia’s Prime Minister Vladimir Putin spent the day discussing energy projects.
Russia’s Gazprom and Bulgaria’s state energy holding, BEH, signed a shareholder agreement for a 50-50 joint venture for the Bulgarian portion of the project, which should begin receiving gas shipments at the end of 2015.

Source: Reuters (13.11.2010)