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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.