Italian-Saudi Consortium To Build New Bulgarian Gas Lines

Consortium between the Italian Arkad ABB S.p.A. and the Saudi Arkad Engineering & Construction Company has been named the winner of the tender for the expansion of Bulgaria’s gas transmission system. This is announced by the national gas transport operator “Bulgartransgaz”.

It is about the construction of the new route for Russian gas from the second stage of the Turkish Stream pipeline to Bulgaria and other European countries. The facility is 474 km long from the border with Turkey to the one with Serbia. Consortium Arkad is ready to build this gas pipeline for 1,102 billion euros in 615 days or 1,288 billion euros in 250 days. The other bidder is the Gas Development and Expansion in Bulgaria (GDEB) alliance. It has offered 1.7 billion euros for 615 days of work and 2.4 billion euros to build the facility for 250 days. It includes the companies Bonatti S.p.A., Max Streicher S.p.A. and Completions Development Sarl.

We recall that Gazprom completed the construction of the two pipes from the sea section of the Turkish Stream pipeline along the Black Sea, each with a capacity of 15.75 billion cubic meters per year. One of the pipelines is designed to supply Russian natural gas to the Turkish market and the other one to Bulgaria, Serbia and Hungary – to the European one. In January, Bulgartransgaz took a final investment decision on the project to expand the national gas transmission system from Turkey to Serbia. Previously, Gazprom Export booked the future gas transmission capacity in Bulgaria for 20 years against 3.5 billion euros.

Read More

Tesla Eyes Eastern Europe As Area For Expansion

CEO of Tesla Inc. Elon Musk said he plans to expand the business in Eastern Europe in early 2020, DPA reported. In a tweet, Musk said he...

Zaharieva Supports The EU’s BSEC Program

Bulgaria supports the deepening of the partnership between the European Union and the Organization for the Black Sea Economic Cooperation (BSEC), Deputy...

BSMEPA To Work To Increase Cooperation Between Greek And Bulgarian Companies

The Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA) expressed its wish to work actively for deepening the cooperation between Bulgaria and Greece in the field of business.


Fitch Revises Bulgaria’s Outlook to Stable; Affirms at ‘BBB’

Fitch Ratings has revised the Outlook on Bulgaria's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Positive and affirmed the rating...

Oil Prices Have Risen By 10% Since Drone Attack In Saudi Arabia

Oil prices have risen by more than 10% in Asian trade since the oil rig attack in Saudi Arabia. Amid fears of a surge in black...

Cannabis Remains The Most Popular Drug

Bulgarian school pupils reported higher than average (35 countries) levels of lifetime use for six of the eight key substances studied, including cannabis, illicit...