17:21 Aug. 8, 2016
South Stream energy project was officially cancelled in 2014
Russian and Bulgaria may resurrect the South Stream natural gas pipeline project cancelled in 2014, Bulgarian Prime Minister Boyko Borissov was quoted by Bloomberg.
The two countries agreed to set up working groups to try to resume work on the pipeline along with the Belene nuclear power plant.
Bloomberg reports, the Bulgarian premier has discussed the projects with the European Commission and to accompish them in accordance with EU rules.
The main reason for Bulgaria to restore the energy cooperation with Russia is the country's attempts to reduce penalty payments over unfulfilled contracts awarded to Russia by international courts.
In 2013, Russia began work on the South Stream pipeline that would have bypassed Ukraine, delivering Russia gas under the Black Sea, into Bulgaria and then through Serbia, Hungary and into Austria. The project was abandoned by Russia back in December 2014 in the face of European Union opposition and heightened tensions over the invasion of Ukraine.
In December 2014, Moscow and Ankara reached an agreement constructing the gas pipeline Turkish Stream between Russia and Turkey under the Black Sea. The project, called Turkish Stream, envisaged for four branches with a total capacity of 63 million cubic meters of gas per year. Last year Kremlin froze the project in retaliation against Ankara for the shooting down of a Russian air force jet.