On Saturday Bulgaria and Russia signed a detailed agreement on the South Stream gas pipeline project.
The deal is effectively a road-map of how the two countries will move forward, with the next step being to set up a joint company to study the feasibility of the project, which will provide the details of a legally binding contract.
Gazprom is developing South Stream to provide an alternative route for Russian gas to Europe. Its main partners in the venture are Italian energy giant ENI and France’s EdF.
Speaking with Business RT, Uralsib oil and gas analyst, Viktor Mishnyakov, said the project was very important for Russia, though its completion would take time.