South Stream construction starts in Bulgaria
Background
For the purpose of diversifying natural gas export routes Gazprom is constructing a gas pipeline across the Black Sea to Southern and Central Europe – the South Stream project.
The offshore section of the South Stream gas pipeline will run under the Black Sea from the Russkaya compressor station on the Russian coast to the Bulgarian coast. The total length of the Black Sea section will exceed 900 kilometers, its maximum depth will be more than two kilometers and the design capacity – 63 billion cubic meters. The onshore section in Europe will be 1,455 kilometers long.
Banatski Dvor, one of the major Eastern European UGS facilities located in Serbia, was the first facility commissioned within the South Stream project. Banatski Dvor became operational in November 2011.
On December 7, 2012 the South Stream construction was launched. The first gas supplies via the gas pipeline are scheduled for late 2015.
On November 13, 2010 Gazprom and Bulgarian Energy Holding signed the Shareholders Agreement and the Articles of Association for the South Stream Bulgaria joint project company established on a par for the South Stream project implementation in Bulgaria. The joint project company was incorporated in December 2010.
On December 2, 2011 the South Stream gas pipeline was announced the national significance facility in Bulgaria according to the Council of Ministers Resolution.
On August 27, 2012 Gazprom and Bulgarian Energy Holding signed a protocol on the South Stream project implementation in the Republic of Bulgaria. The document defines the point of the gas pipeline entry into the Bulgarian gas transmission system, the gas pipeline parameters and further steps in the project implementation.
On November 15, 2012 Gazprom and Bulgarian Energy Holding adopted the Final Investment Decision on the South Stream gas pipeline construction in the Republic of Bulgaria.
On November 15, 2012 Gazprom and Bulgargaz signed a new long-term contract for Russian natural gas supply to Bulgaria. The document envisages annual gas supplies through 2022 in the amount of up to 2.9 billion cubic meters via the traditional gas transmission corridor, and once the South Stream gas pipeline is commissioned – via this new gas supply route.
Bulgargaz is a wholly-owned subsidiary of Bulgarian Energy Holding.
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