Bulgaria Should Seek International Arbitrage over South Stream – Ex Minister

Energy | December 2, 2014, Tuesday // 08:52|  views

Former Bulgarian Energy Minister Traycho Traykov, photo by BGNES

Former Bulgarian Energy Minister Traycho Traykov has described Vladimir Putin’s announcement that the South Stream gas pipeline will not be built as a show of muscle.

“Putin is trying to emerge from international isolation by flexing his muscles to the West,” Traykov stated in a Tuesday interview for bTV,

Traykov claimed that it had been a unilateral decision of the Russian President which had taken everybody by surprise, including the State Duma, the Russian Energy Minister, and the CEO of Gazprom.

“If anybody claims that this is Bulgaria’s fault, then they should probably consult international arbitrage,” he suggested.

Meanwhile, Vladimir Karolev, economist and advisor of Economy Minister Bozhidar Lukarski, argued that Bulgaria had to request an official confirmation of the suspension of the project and then seek arbitrage.

He also recommended unpaid leave for the workers of South Stream Bulgaria, stressing that their salaries were unreasonably high.

Karolev opposed allegations that Bulgaria was about to lose thousands of millions which it had invested in the project.

He insisted that Bulgaria and Russia had invested a total of USD 50 M in the South Stream gas pipeline together.

Karolev, as cited by dnevnik.bg, rejected claims of Vladimir Putin that Bulgaria would lose EUR 400 M a year as a result of the failure of the gas pipeline project, adding that gas transit fees across Bulgaria were lower even before the deduction of expenses.

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Tags: Traycho Traykov, South stream, south stream bulgaria, South Stream gas pipeline, Vladimir Putin, Russian President


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