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Bulgaria-Greece gas interconnector construction faces delay


Langzeit Theater um die Burgas-Alexandroupolis Oil Pipeline


Bulgaria-Greece gas interconnector construction faces delay – report

By   /   04/08/2016  /   No Comments

IGB GR IBNASofia, August 4, 2016/ Independent Balkan News Agency

By Clive Leviev-Sawyer of The Sofia Globe

The start of construction on the gas interconnector between Bulgaria and Greece could be delayed by at least six months, a Bulgarian media report said on August 4.

Even though the project has been labelled repeatedly as a top priority by Bulgarian Prime Minister Boiko Borissov, most recently at the joint sitting of the Bulgarian and Greek cabinets earlier this week, several factors contributed to the delay in a project seen as key to reduce Sofia’s dependence on Russian gas supplies, news website Mediapool.bg said.

Shareholders in the project company have decided to await the completion of the market tests that will gauge interest in shipping gas through the new pipeline, according to Mediapool’s report, which quoted Assen Gagaouzov, the former regional development minister, who is a member of the project company’s board of directors.

Bulgarian Energy Holding (BEH), the umbrella corporation for state-owned energy sector assets, has 50 per cent in the project company, the same as IGI Poseidon, the joint venture between Greek operator DEPA and Italy’s Edison.

After the market tests are done, the company will apply for a loan from the European Investment Bank, hoping to secure favourable conditions, the report said. The project company is also awaiting the European Commission’s decision to allocate additional funding to the project, which is expected to be made at the start of 2017.

The European Commission allocated 45 million euro to the proposed pipeline in 2010, when it began emphasising closer ties between national grids in the wake of the Russian disruption of gas supplies a year earlier, and is expected to add a further 35 million euro under the Juncker investment plan, reports in Bulgarian media have said.

All these factors have combined to postpone the start of construction to March 2017 at the earliest, Mediapool said. Initially, when Bulgaria and Greece signed the investment decision agreement in December 2015, the start of construction was envisioned for October 2016.

Initially, the inter-connector will have an annual capacity of three billion cubic metres, but current plans envision increasing it to five billion cubic metres at a later date. The pipeline will link Bulgaria’s gas grid in Stara Zagora to the Greek town of Komotini, a distance of 140km, and will cost an estimated 220 million euro.

In the long run, Bulgaria would like to see the inter-connector expanded to 20 billion cubic metres a year, allowing to serve as a key supply route for a regional gas hub, proposed by Bulgaria a year ago after Russia cancelled the South Stream pipeline in December 2014.

But even in its current form, the proposed inter-connector would allow Bulgaria to reduce reliance on Russian supplies, as it would be used to pump Azeri gas into the country. In 2013, Bulgaria’s state-owned gas company Bulgargaz signed an agreement to purchase one billion cubic metres of gas from the Shah Deniz 2 gas field once it begins deliveries to European customers in 2019.

It could also be used to ship gas from Greece’s liquefied natural gas terminals – the existing one at Revithoussa near Athens and the planned one at Alexandroupolis in northern Greece.

Albania: The bankruptcy of the Turkish company

The bankruptcy of the Turkish company that exploited the Metallurgic Plant

By   /   03/08/2016  /   No Comments

kurum elbasanTirana, 3 August 2016/ Independent Balkan News Agency

By Edison Kurani

If there’s an industrial facility in Albania for which the country and the communist regime took pride for many years, was the Metallurgic Plant. This was the biggest heavy industry facility in the Balkans. With the size of a town, this plant included all the processes of iron and other minerals which Albania had and has an abundance of.

After 1991, this plant was divided. Many of its parts were demolished. For Albanians, especially for people living in the surrounding areas, this was good news, because the great pollution it emitted caused cancer and had constant effects on the life of people.

But the closure of this plant also meant massive unemployment as this “town” set bread on the table of tens of thousands of families.

Therefore, the reopening of a major part of the plant several years later was seen as good news.

Iron production Turkish company Kurum, part of Kurum Holding, exploited this plant for several years, but now it will leave, declaring bankruptcy.

In an analysis that Kurum has done to the causes of bankruptcy, it identifies two problems:

The drop of sales as a result of the crisis which has engulfed the construction sector in Albania and the drop of the price of iron in international markets. In 2014, the average price of iron was 440-450 USD per ton, while in 2015, it fell to 340-350 euros per ton.

According to Kurum’s 2015 financial statements, Kurum reported sale incomes amounting to 21,3 billion ALL with a drop of 13% compared to 2014.

Meanwhile, its debt amounts to 37 billion ALL.

But in the current year, Kurum no longer has purchasing power.

Commercial banks in Albania, which have funded Kurum have expressed their concern about the situation. Banks such as Turkish bank, BKT and the Greek owned Tirana Bank, have not renewed the line of credit for this company.

Under these circumstances, the company has declared bankruptcy.

Some see Kurum’s bankruptcy as a strange rise and fall. Not long ago, this company announced the acquisition of the shares of a TV network in Tirana, with the aim of penetrating in the domain of the media. This created the impression that Kurum’s power would be higher and its investments would go beyond the Metallurgic plant. Several months ago, the facts show a different picture. /balkaneu.com/

NATO Verbrecher Staat: auf das Parlament im Kosovo wurde eine Panzer Abwehr Rakete abgefeuert

Gestern um 23:00 Uhr

Das Erfolgs Modell der Profi Verbrecher: man hat Immunität, besorgt Mördern, Kriminellen, Drogen Bossen, Kopf Abhackern, Immunität, was bei Hashim Thaci, im Auftrage der Amerikaner geschah, im Gefolge wie immer Frank Walter Steinmeier, der hinter Gitter gehört, wie anderen Gestalten des Auswärtigen Amtes, was der Visa Skandal, Deutsche Staatsanwälte schon damals sehr deutlich machten. Das Ganze wird ja als Westliche Wertegemeinschaft verkauft.

„Thaci won’t be arrested as long as he’s Kosovo president“

Stavros MarkosumSManalysis – vor 5 Stunden
[image: (Tanjug/AP, file)] The head of the Interpol office in Bosnia-Herzegovina says that Hashim Thaci will not be arrested „as long as he is Kosovo’s president.“ SOURCE: TANJUG WEDNESDAY, JUNE 15, 2016 | 14:11 The reason for this, Branko Pavlovic told the N1 broadcaster, is that „Interpol in Lyon (HQ) decided not to deal with the issue.“ In an interview that will be broadcaster on Wednesday evening, Pavlovic also said that the arrest warrant for Thaci was issued ten years ago „but is now not active because he has immunity.“ He added that this, however, does not mean that the cou… mehr »