Friday, November 1, 2013

What we learned and what we not learned about South Stream?

What we learned and what we not learned about South Stream?

After yesterday's provisional start of the project "South Stream", it became clear that the requirements of the Third Energy Package of the EU for third party access to the pipeline.
Soothing sound of wailing Russian newspaper "Kommersant", and get answers to some spontaneous questions: "Gazprom officially launched the construction of the most problematic section - Bulgarian. Monopoly for him had to provide Bulgaria discount on gas and to agree to serious concessions in terms of lending. Moreover, in agreement with Bulgaria was entered and admission to the "South Stream" and other suppliers that demand in the EU and that "Gazprom" is not done for any of your project. Yet amid aggravation of relations with Ukraine importance to the success of the "South Stream", which surrounds the Ukrainian territory, grow. "
Really damaging blow on Ukraine resonated immediately.
"Standard & Poor's" downgraded Ukraine because of concerns about high external financing needs of the government.
The rating agency cut the credit rating of Ukraine from "B" to "B-". "This is due to our forecast that the strategy of the government is unlikely to secure enough foreign currency to cover its external financing needs," it said in a comment to the Agency.
We understand that Bulgaria will not invest any lev.
 Russian media earlier estimate that the consent of Bulgaria for the "South Stream" cost "Gazprom" between $ 2.75 and $ 3 billion, if it still is not yet know.
 The idea was that the contract is 10 years old - 6 +4 years. The past six years, Bulgaria can reduce the quantities of gas if you start mining from its own fields or find cheaper gas from Russia, it is that it is so far no response.
It is not clear how much gas will flow in old existing pipes in Ukraine, following the launch of the "South Stream" and you will lose the old transit fees?
Implementation of the South Stream project does not require any bank guarantees Bulgaria Economy Minister said and boasted that the annual interest rate on the loan of 620 million, who took BEH today was ousted from 8 to 4.25 percent for repayment is 22 years.
"The only security for the loan, the dividends that the company will receive from the transit of natural gas in our country," said Dragomir Stoynev.
Dragomir Stoynev answer some of the questions in order important argued that agreed dividend BEH start receiving the first year's work of the pipe, not the 15th, as announced at the previous meeting of Miller and Oresharsky in July .
Bulgaria is expected to win 2.8 billion of pipeline transit fees for 2013 - 2043.

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