South Stream Flows out of Sochi with New Pipes Cutting through Bulgaria
The 2014 Winter Olympics venue – Sochi - yesterday gathered the reps of the Russian, Italian, Greek, Serbian and Bulgarian gas companies that were supposed to sign an agreement for setting up a joint venture and building the South Stream pipeline that would run through the territories of these countries. Gazprom’s agreement with Bulgargaz will read there would be brand new pipes laid in Bulgaria, ITAR-TASS reported. Bulgaria will be using this new gas transfer system to cover its own needs. Gazprom and Bulgargaz are getting ready to establish a new joint venture with a 50:50 share of ownership. According to current schedules, the project should be fully implemented by 2013.