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Bulgariaa[euro][TM]s Foregone Revenue from South Stream Hard to Forecast a[euro]" Energy Minister.

Bulgariaas foregone incomeA of EUR 400 M a year allegedly resulting from Russiaas <a href="">decision to drop South Stream hasnat been mentioned in the contracts relating to the project, a Bulgarian cabinet minister said on Wednesday. A

aThe contracts Iave seen donat mention the transit fees and the dividend Bulgaria was supposed to receive, so itas impossible to forecast what the potential loss could have been,a Energy Minister Temenuzhka Petkova told Nova TV channel.

Former Bulgarian Energy Minister Rumen Ovcharov on Tuesday estimated Bulgariaas losses from the scrapping of South Stream at around USD 600 M a a figure which Petkova described as ahypotheticala.

Bulgaria will certainly suffer losses, if the project is abandoned or if there is risk for this to happen, including the potential loss of fresh investment and new jobs involved in the construction of the gas pipeline, Petkova said. A

Petkova and Tomislav Donchev, Bulgariaas Deputy PM in charge of absorption of EU funds and economic policy, will discuss South Stream with top EU Commission officials in Brussels on 9 December.

With South Stream being a European project, Bulgaria will find it difficult to oppose the Russian side separately, aso weall rely on Brussels to defend usa, Petkova said.

She also said Bulgargaz has already paid nearly 100% of its dues to the Russian side for the supply of Russian gas in November and the upfront payment of some USD 90 M in three instalments for gas supply in December is also underway according to contract.

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Publication:Sofia News Agency
Geographic Code:4EXBU
Date:Dec 3, 2014
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