Bulgaria is currently reviewing its participation in several major Russia-backed energy projects and will decide by November whether to go ahead with them, premier Boyko Borisov said Wednesday.
In an interview on state television BNT, Borisov said Russia was insisting Bulgaria decide quickly whether to go ahead with the South Stream gas pipeline, the Burgas-Alexandroupolis oil pipeline and a new nuclear plant at Belene.
Borisov spoke after meeting with his Russian counterpart, Vladimir Putin, in Poland on Tuesday on the sidelines of ceremonies marking the 70th anniversary of the outbreak of World War II.
"There are no problems with South Stream," he said, referring to the pipeline that will pump Russian gas to Europe.
South Stream is seen as a rival project to the E.U.-backed Nabucco gas pipeline aimed at reducing Europe's dependence on Russian gas.
"Both Nabucco and South Stream are good for Bulgaria, but South Stream can and will happen much faster and that is why we must maintain our participation there," Borisov said.
Turning to the oil pipeline linking the Bulgarian port of Burgas to the Greek port of Alexandroupolis, the premier acknowledged people's environmental concerns about the project, As for the planned new 2,000-megawatt nuclear plant at Belene on the Danube, Bulgaria will also reach a decision by November, Borisov said.
Bulgaria has already signed a contract with Russian company Atomstroyexport to build the EUR4 billion plant.
But it is currently considering dropping it due to rising costs and dwindling prospects for securing the necessary credit at a time of global crisis.
The new center-right government, which took office in July, is severely strapped for cash and is having to review major projects and overhaul its entire energy sector.
Bulgaria recently announced plans to break up its state-owned Bulgarian Energy Holding into its constituent companies - electricity utility NEK, the state gas provider Bulgargaz, its sole nuclear power plant at Kozloduy, the country's largest coal mines Maritsa East and thermal power plant Maritsa East Two.