The parties discussed the current status and the prospects for cooperation in the gas sector, and focused on the transition to direct contractual relations between Gazprom and Bulgargaz in Russian natural gas supplies to Bulgaria.
In addition, the participants discussed progress with the South Stream project. Alexey Miller and Dimitar Gogov shared the opinion that given the inevitable gas demand growth in Europe, timely implementation of South Stream would meet the interests of millions of European consumers.
Russian natural gas has been exported to Bulgaria since 1974. In 2010 according to provisional data, Gazprom export supplied the country with some 2.6 billion cubic meters of gas.
Gazprom delivers gas to Turkey, Greece and Macedonia via Bulgaria.
In July 2010 Russia and Bulgaria signed the Roadmap to perform the feasibility study for the Bulgarian section of the South Stream project. The Roadmap is a plan of top priority actions needed for the project implementation in Bulgaria.
In pursuance of the Roadmap, on October 25, 2010 Gazprom and Bulgarian Energy Holding EAD signed the Agreement on the feasibility study for the Bulgarian section of the South Stream project. On November 5, 2010 the parties initiated the open tender procedure for selecting a contractor to perform the feasibility study.
On November 13, 2010 Gazprom and Bulgarian Energy Holding EAD signed the Shareholders' Agreement and the Articles of Association for the South Stream Bulgaria AD joint project company (JPC) established on a parity basis for the South Stream project implementation in Bulgaria. The JPC was registered in December 2010.
Bulgargaz EAD is a 100 per cent subsidiary of the Bulgarian Energy Holding EAD.