Bulgaria to Lose USD 600 M over Suspension of South Stream – Ex-Minister

Rumen Ovcharov, Energy Minister in Bulgaria's three-way coalition government (2005-2007), photo by BGNES

Former Energy Minister Rumen Ovcharov has estimated Bulgaria’s losses from the suspension of the South Stream gas pipeline at around USD 600 M.

In a Tuesday interview for the morning broadcast of Nova TV, Ovcharov noted that annual gas transit of 63 billion cubic meters would be redirected from Bulgaria to Turkey as a result of the decision of Russia to drop the South Stream gas pipeline project.

He emphasized that Bulgaria would not only lose money but also suffer geostrategic and political losses.

Ovcharov, Energy Minister in the socialist-led three-way coalition government (2005-2007), argued that it was a matter of time until Bulgaria was deprived of the current gas transit quantities, according to reports of dnevnik.bg.

“The government of Boyko Borisov will go down in history as the one which destroyed three large-scale infrastructure projects which could have helped Bulgaria emerge from the economic crisis,” he insisted, adding that Bulgaria would have been an entirely different country as a result of the implementation of these projects.

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