Bulgaria pushes ahead with South Stream

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Aleya Begum

 03 August 2009 12:00 GMT

Bulgaria will go ahead with the South Stream gas pipeline the Economy and Energy Minister Traicho Traikov said today.



The new centre-right government, which took office last week, has said it needs to revise its commitments on major energy projects as they could worsen the budget situation in the country, hit by the global economic crisis and falling revenues.

The new government has said Bulgaria cannot afford to take loans, at a time of tight global liquidity and economic downturn, when it is under pressure to cut public spending and avoid slipping into deficit.

The crisis however will not force Bulgaria to reconsider its participation in the Russian-backed South Stream…

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