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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Russia signs key gas agreement with Bulgaria AFP - Saturday, July 17 Send IM Story Print Russia signs key gas agreement with Bulgaria SOFIA (AFP) - – Russia signed a key agreement Saturday with Bulgaria to speed up work on its South Stream gas pipeline project as Sofia vied to secure lower prices for its gas deliveries, state BTA news agency reported. Bulgarian Economy and Energy Minister Traicho Traikov and Russian Energy Minister Sergey Shmatko signed a "road map" for accelerating South Stream in Bulgaria's Black Sea resort of Varna in a ceremony also attended by Bulgarian Premier Boyko Borisov, BTA said, but did not immediately provide any further details. The document was expected to map out a timetable for preparing the preliminary feasibility study for the project to channel an annual 63 billion cubic metres of Russian gas to Europe under the Black Sea. It also put February 2011 as the target deadline for receiving the results of the study and setting up the joint company for building the Bulgarian stretch of the 900-kilometre (560-mile) pipeline, Traikov told journalists late Friday on the sidelines of the two-day talks in Varna. Sofia has always said it was committed to both South Stream and its rival EU-backed Nabucco pipeline but progress on Russia's Gazprom and Italy ENI's project has been stalled over haggling as to how Sofia and Moscow would split ownership of the new pipelines going through Bulgaria. But Sofia agreed on Saturday to give South Stream a push in a bid to secure cheaper prices for its own gas deliveries from Russia, the contracts for which expire in 2011 and 2012. Bulgaria is almost 100-percent dependent on Russian gas supplies via Ukraine for its annual consumption of about 3.0 billion cubic metres and also channels 17 billion cubic metres of gas to neighbouring Turkey and Greece. The small Balkan state, often regarded by analysts as one of Russia's staunchest satellites from the Soviet era, was among the worst hit by Russia's gas spat with Ukraine last January when it practically saw no gas coming down the pipes for days on end. Recommend Send IM Story Print News Search Top Stories Paris Hilton caught with cannabis in handbag Russia signs key gas agreement with Bulgaria Scandals spell trouble for Gibson's tarnished star AIG to pay 725 million dollars to settle US fraud lawsuit Omega imbalance can make obesity 'inheritable': study More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Paris Hilton caught with cannabis in handbag Euro hits $1.30 for first time since May 10 Omega imbalance can make obesity 'inheritable': study Scandals spell trouble for Gibson's tarnished star AIG to pay 725 million dollars to settle US fraud lawsuit More Most Viewed » Reclusive top mathematician turns down prize, again Germany's 'Octopus oracle' keeps perfect record Who's right - the dolphin or the octopus? 3 Russian spy suspects due in US court More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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