RIA Novosti reported that Russian gas giant Gazprom has received a 50% stake in South Stream Bulgaria AD, the joint venture operating the Bulgarian sector of the South Stream pipeline project, which will pump gas to Southern and Central Europe.

The joint venture formed in November 2010 during Russian Prime Minister Mr Vladimir Putin visit to Bulgaria is intended to prepare a feasibility study, construct and operate the Bulgarian sector of South Stream.

The South Stream pipeline designed to deliver up to 63 billion cubic meters of Central Asian and Russian gas annually along the Black Sea bed to the south of Europe is to be put into operation in December 2015.

Intergovernmental agreements on the construction of the pipeline's onshore sections outside Russia were signed with Bulgaria, Serbia, Greece, Hungary, Slovenia, Croatia and Austria. A consolidated feasibility study is to be prepared by February 2011.

Gazprom and Italy Eni are the founders of South Stream AG, a special purpose vehicle established in January 2008 on a parity basis to run the project. In June 2010, France EdF reached an agreement to join the company by the end of 2010.

(Sourced from RIA Novosti)