Russia backs down on regional pipeline claim

Russia gave up its claims to buy up the Bulgarian and Greek shares of the Bourgas-Alexandroupolis oil pipeline.

Izvor: EM Online

Tuesday, 13.11.2007.

18:08

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Russia gave up its claims to buy up the Bulgarian and Greek shares of the Bourgas-Alexandroupolis oil pipeline. The two countries have a 24.5 percent stake each. Russia backs down on regional pipeline claim "Moscow does no longer insist on the delivery of oil quantities depending on the countries' shares and dropped the requirement for financial guarantees in case of non-delivery," said Bulgarian Minister of Economy and Energy Peter Dimitrov, who visited Moscow at the end of last week. In the Russian capital he signed a company-level annex to the project, which specified that Russia would guarantee the deliveries. At this stage, it has been negotiated that the transit fees will be paid to the International Project Company whose profit will be distributed proportionally among the states depending on their shares.

Russia backs down on regional pipeline claim

"Moscow does no longer insist on the delivery of oil quantities depending on the countries' shares and dropped the requirement for financial guarantees in case of non-delivery," said Bulgarian Minister of Economy and Energy Peter Dimitrov, who visited Moscow at the end of last week.

In the Russian capital he signed a company-level annex to the project, which specified that Russia would guarantee the deliveries.

At this stage, it has been negotiated that the transit fees will be paid to the International Project Company whose profit will be distributed proportionally among the states depending on their shares.

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