Russia and Bulgaria have signed Shareholder Agreement and Charter on the project South Stream Bulgaria AD

The formal registration procedure of the company will be completed before the end of November 2010.
South Stream Bulgaria AD will engage in the implementation of pre-investment stage of the project, as well as financing, construction and operation of the gas pipeline on the Bulgarian territory.
“Today's signing with our Bulgarian partners whom we have overcome thirty-five years cooperation confirms the mutual interest of the parties in securing the growing needs of continental Europe for natural gas. Participation of Bulgaria in South Stream project proves the timeliness and the necessity for additional infrastructure of trans-European scale”, Alexey Miller noted.
“South Stream project is of upmost importance for Bulgaria as well as for the European energy market in view of route diversification for natural gas supplies and increase of European energy security. The project itself with no doubt will have a positive effect on end users not only in Bulgaria but in Europe as well”, said Maya Hristova, Executive Director of Bulgarian Energy Holding.
“By the signed today agreement for the South Stream project an important step has been taken towards realization of the project and heading towards the intensive development phase. The project will precondition energy security increase, will ensure reliability and continuity of energy supplies to Europe and Bulgaria in particular”, said Jordan Georgiev, Executive Director of Bulgarian Energy Holding.
Russian natural gas exports to Bulgaria have been carried out since 1974. In 2009, Gazprom supplied the country with 2.2 billion cubic meters of gas. Presently, Gazprom is the sole exporter of gas to Bulgaria.
Gazprom transports gas to Turkey, Greece and Macedonia through the Bulgarian territory. In December 2006, the existing transit Contract between Gazprom еxport and AO Bulgargaz was extended from 2010 to 2030.
In January 2008, Russia and Bulgaria signed an intergovernmental agreement on Bulgaria's entry into the shareholding structure of the South Stream project.
In May 15, 2009, Gazprom and the Bulgarian Energy Holding EAD signed an Agreement on cooperation in building a gas pipeline for natural gas transit through the territory of the Republic of Bulgaria under the South Stream project. The document establishes the basic principles of interaction between the parties at pre-investment stage of the project.
In July 2010, Russia and Bulgaria signed a Roadmap on development of a Feasibility Study for the Bulgarian section of the South Stream project. The Roadmap is a plan of priority actions needed to implement the project in Bulgaria. Pursuant to the activities of the Roadmap, Gazprom and the Bulgarian Energy Holding EAD on October 25 signed an Agreement on execution of a Feasibility Study of the Bulgarian section of the South Stream project. In November 5, 2010, the parties began the open tender procedure for selecting a contractor to conduct the Feasibility Study.
Bulgarian Energy Holding EAD was established in 2008 during the reorganization of state enterprise Bulgargaz Holding EAD. The company is 100% state owned.
Bulgarian Energy Holding manages the assets of companies engaged in power generation, mining, transmission, storage and selling of natural gas and other fuels.