20:20 Aug. 9, 2016
Natural gas pipeline project could be resurrected
Russia has asked Bulgaria to provide legal warranty in order to restore the natural gas pipeline project South Stream, Russian leader Vladimir Putin was quoted by RIA Novosti.
"We have suffered certain losses after the European partners cancelled the project," the Russian president said after a meeting with his Turkish counterpart Recep Tayyip Erdogan. "The intentions alone is not enough. We need absolute rock-solid guarantees of a legal nature."
Earier Bloomberg report has indicated Russia and Bulgaria might resurrect the South Stream natural gas pipeline project cancelled in 2014.
The two countries agreed to set up working groups to try to resume work on the pipeline along with the Belene nuclear power plant.
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.