Bulgaria and Saudis signed EUR1bn TurkStream pipeline deal

Bulgaria’s national gas transmission company Bulgartransgaz and Saudi-led engineering consortium Arkad signed a contract worth EUR1.1bn to extend Russia’s TurkStream pipeline which will deliver Russian gas to Europe bypassing Ukraine. According to the contract, Arkad will be tasked with building TurkStream’s 474-kilometre chunk in Bulgaria, running from the country’s southern border with Turkey to the Bulgarian-Serbian border.

“The extension of the gas network infrastructure will improve the energy security of the countries of Southeast Europe,” SEE News wrote, quoting a statement from Bulgartransgaz. The pipeline is expected to deliver an annual capacity of 15 billion cubic metres of Russian natural gas to Serbia, Hungary and Austria.

Due to geographical conditions, most of the country’s power demand is met by importing the energy from neighboring countries. The majority of the power is imported from Slovakia, Austria, and Ukraine, and the main export countries are Croatia and Serbia.

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