Bulgarian Ministry of Economy and Energy has accused administration of South Stream Bukgaria AD company, half of which is owned by the Russian Gasprom company, of violation of the instructions to suspend the project implementation. The Ministry claims that despite the ban, the company’s capital has been increased up to 397.6 million lev (over $271.5 million).
The Ministry explained that Minister Vasil Shonov, Director of the Bulgarian Energy Holding who owns 50% in South Stream Bulgaria AD, has sent a letter to Gasprom Director Aleksei Miller with the demand not to take measures to increase the company’s capital. However, on the next day administration of South Stream Bulgaria AD announced increase in the capital. On August 18, 2014 the decision was entered into the commercial register of the Bulgarian Justice Ministry.
“The Ministry of Economy and Energy believes that actions of South Stream Bulgaria administration do not correspond to interests of the Bulgarian Energy Holding and is going to apply to the law enforcement agencies,” the Ministry reported.
In early June 2014 under the European Commission pressure the Bulgarian authorities decided to suspend preparation for the project till its conditions correspond to the Third Energy Package.
