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Bulgarian energy miniter wants South Stream Bulgaria capital boost checked

September 05, 2014, 13:53 UTC+3 SOFIA
In August, the company registered the increase of its capital despite an August 11 government decision to freeze the project until it meets European legislation
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© ITAR-TASS

SOFIA, September 05. /ITAR-TASS/. Bulgaria’s Economy and Energy Ministry has asked the country’s general prosecutor office to check the legitimacy of raising the capital of South Stream Bulgaria company, operator of the country’s part of the South Stream project, to 200 million euros, as seen by ITAR-TASS in the materials published by the ministry Friday.

In August, the company registered the increase of its capital despite an August 11 government decision to freeze the project until it meets European legislation, the ministry said.

Russian gas giant Gazprom and Bulgarian Economy and Energy Ministry own 50% each in South Stream Bulgaria, all decisions are made by the company’s board of directors unanimously.

South Stream will run under the sea to the Bulgarian Black Sea port of Varna before extending overland through Serbia, Hungary, and Slovenia to supply gas to the Western Europe via Italy and Austria. The pipeline’s capacity amounts to 63 billion cubic meters.

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