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Bulgaria suspends South Stream gas pipeline project | Bulgaria suspends South Stream gas pipeline project |
(about 2 hours later) | |
Bulgaria has again halted work on the Russia-led pipeline project South Stream. | Bulgaria has again halted work on the Russia-led pipeline project South Stream. |
Bulgaria's Minister of Economy and Energy, Vassil Shtonov, suspended work on the 930km-pipeline until it conforms to European Union law. | Bulgaria's Minister of Economy and Energy, Vassil Shtonov, suspended work on the 930km-pipeline until it conforms to European Union law. |
South Stream will stretch across the Black Sea to southern and central Europe, providing another gas transit route for Russia's Gazprom. | South Stream will stretch across the Black Sea to southern and central Europe, providing another gas transit route for Russia's Gazprom. |
But the EU is worried about the gas producer also owning a pipe network. | But the EU is worried about the gas producer also owning a pipe network. |
Bulgaria stopped work on South Stream in June after tensions in Ukraine. | Bulgaria stopped work on South Stream in June after tensions in Ukraine. |
On Tuesday, the minister ordered the Bulgarian Energy Holding to suspend any competitive bidding procedures and the signing of any contracts relevant to South Stream. | On Tuesday, the minister ordered the Bulgarian Energy Holding to suspend any competitive bidding procedures and the signing of any contracts relevant to South Stream. |
Bulgaria is almost entirely dependent on Russian gas and has been trying for years to diversify its sources. | Bulgaria is almost entirely dependent on Russian gas and has been trying for years to diversify its sources. |
South Stream's offshore section would run beneath the Black Sea across territory run by Russia, Bulgaria and Turkey. The onshore section will cross Bulgaria, Serbia, Hungary and Slovenia. | South Stream's offshore section would run beneath the Black Sea across territory run by Russia, Bulgaria and Turkey. The onshore section will cross Bulgaria, Serbia, Hungary and Slovenia. |
Currently, 15% of the EU's gas supply from Russia is piped through Ukraine. South Stream would by-pass the country. | Currently, 15% of the EU's gas supply from Russia is piped through Ukraine. South Stream would by-pass the country. |
Laurent Ruseckas, global gas analyst at the economic research firm IHS said: "Bulgaria has been strongly supportive of South Stream, which will give it greater security of gas supply - but as the situation in Ukraine has deteriorated, it has come under increasing pressure from Brussels to stop co-operating with Gazprom on the project. | |
"The government had already announced a suspension of South Stream in June, but in practice activity seemed to continue. The current announcement could be a bit more serious, although time will tell." | |
The construction of South Stream began in late 2012, with the first gas deliveries expected in 2016. The pipeline is due to become fully operational in 2018. | The construction of South Stream began in late 2012, with the first gas deliveries expected in 2016. The pipeline is due to become fully operational in 2018. |
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