Bulgaria will build the "Balkan Stream" with Russian money

Three Russian companies have already received subcontracts for the construction of an extension of the Turkish Stream gas pipeline in Bulgaria. Moreover, the gas operator Bulgartransgaz is going to borrow money, including from the Russians, in order to complete the Balkan Stream, writes the Bulgarian Internet publication Mediapool.

The executive director of Bulgartransgaz, Vladimir Malinov, said that the company is currently negotiating with VTB SE Bank (a European subsidiary) on obtaining a loan for the implementation of the above and other projects. In July 2020, the company received 10 applications from Bulgarian and foreign banks for a total of EUR 542 million. Initially, the company was looking for 400 million euros, but decided to use all the offered credit resources. Now all conditions are being agreed with financial organizations.

All contracts must be signed by the end of September. Payments will begin towards the end of 2020 upon completion of the work. By this time, the first phase of construction of most of the 474-kilometer gas pipeline is expected to be completed.

In addition to the Russian VTB branch, contracts will be signed with ING Bank NV, Citibank Europe, Raiffeisenbank Bulgaria, Unicredit Bulbank, United Bulgarian Bank, DSK Bank, Eurobank Bulgaria, a consortium of the Bulgarian Development Bank, the Municipal Bank and the International Investment Bank, as well as the International Bank economic cooperation. In IBEC, registered in Moscow, Bulgaria owns 7,56% of the bank's capital or 15,1 million euros.
  • Used photos: gazprom.com
Dear reader, to leave comments on the publication, you must sign in.
  1. Observer2014 Offline Observer2014
    Observer2014 18 August 2020 21: 47
    Bulgaria will build the "Balkan Stream" with Russian money

    The independence of Ukraine and Belarus was built on Russian money. This is why the West resists our flows. All these years there has been financing of these regions. At the expense of Russia.
    You can, of course, hear a marginal howl about fraternal relations. But the truth is always the same. yes
    1. Vladimir Tuzakov (Vladimir Tuzakov) 20 August 2020 20: 05
      The wording is not entirely correct, not independence was built, but Ukraine and especially Belarus were financed for a long time on the resources and loans of the Russian Federation ... They are not going to give loans, especially Ukraine and no gratitude ... Who is to blame, it is probably the Russian Federation, pursuing such a policy that ALL post-Soviet republics have turned into enemies or foes ... And you need to be able to achieve such hostility towards the Russian Federation, and the culprits to this day run the Foreign Ministry and sit further in the government, they will just surrender and betray, after all, only the Russian Federation remains. ......