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Former PM: Bulgaria to Lose Big Time from Quitting Russia Energy Projects

Date: 19.08.2009

Bulgaria's is set to lose a lot of money if the GERB government terminates the country's participation in the Russian energy projects.

This was said Thursday by Bulgaria's former Prime Minister from the Socialist Party, Sergey Stanishev, who stressed the position of the Borisov government on the three projects - South Stream gas pipeline, Burgas-Alexandroupolis oil pipeline, and Belene Nuclear Power Plant - was not clear.

"If these major energy projects fail, Bulgaria is going to lose billions of EUR. Only the investments in the Burgas-Alexandroupolis oil pipeline so far amount to BGN 700 M," Stanishev said.

He added that Bulgaria faced the threat of losing its leading energy position in the region because of competitive projects in neighboring countries, including the planned construction of a nuclear power plant in Turkey.

Even though it was not mentioned by Stanishev, according to many analysts, the planned construction of the Samsun-Ceyhan oil pipeline by Russia and Turkey was an alternative to the Burgas-Alexandroupolis oil pipeline.

After it took office in July 2009, Bulgaria's new government of the GERB party made it clear it was going to reconsider the country's participation in the three large-scale energy projects.

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