Russia and Bulgaria will set up a joint stock company next week to oversee the construction of the Bulgarian section of the South Stream Gas Pipeline, in the last stage before the completion of the project, the Russian government's press service said on Friday.
The shareholders of South Stream Bulgaria will sign the company into existence during Russian Prime Minister Vladimir Putin's official visit to Bulgaria.
"In the presence of the prime ministers of Russia and Bulgaria, a range of bilateral agreements will be signed, including an agreement between the shareholders of South Stream Bulgaria (JSC)," a statement said.
The company will oversee the designing, building and maintenance of the Bulgarian section of the South Stream pipeline until the end of 2010.
Putin and his Bulgarian counterpart Boiko Borisov also agreed in a phone conversation to finalize all the issues concerning the Bulgarian segment of the pipeline by the end of 2010.
The South Stream project, in which Russia, Bulgaria and Greece are partners, stipulates the construction of a 300-kilometer pipeline from Burgas on the Bulgarian Black Sea coast to Alexandroupolis on the Greek Aegean Sea coast. The pipeline, which is considered a rival to the EU-backed Nabucco, is scheduled for launch in December 2015.
MOSCOW, November 12 (RIA Novosti)
