16 March, 2007
Dear David,
With regard to the Bourgas to Alexandroupolis pipeline project, Yes the 'deal' has been signed, but the estimated cost is less, 700 mil euros /900 mil $. It has been a long time in coming. The fly in the ointment has been that Russia wanted to control the unloading facility at the Bourgas port. There are 3 pipelines that will use that facility and Bulgaria would not concede to Russian control. Bulgaria won.
The next oil pipeline goes to the Adriatic coast at a place named Vlore, Albania, then on to Italy, maybe underwater and/or ship loading depending on the final destination[s]. This is the one that is over $1 billion. I will try to attach the map. An MOU has been signed between Bulgaria, Macedonia,, and Albania
A 3rd oil pipeline goes through Romania to Belgrade, Croatia and Slovenia.
The really big one, if the above just aren't big enough, is the Nabucco project, which is a gas pipeline coming from the Caspian Sea. $3 billion. American sponsorship. Bulgaria is supporting it. This will go to Western Europe.
I have an associate here who may be interested in being a Bulgarian correspondent (for PMForum). He is very well connected. He was the Bulgarian project manager for construction of the American Embassy. He has 4-6 businesses now in construction management, materials and real estate development since completing the Embassy work. In 18 months, 20 employees. His JV has been selected to provide the on-base housing for the 3 NATO-American bases in Eastern Bulgaria to start in 2008. I will ask him.
He and I tried to start a PMI chapter here but the PMI dues made it prohibitive. Bulgarians only earned 1/10th to 1/20th of US salaries. The cost of living is very good, very low, and many services are provided by the State. Everyone owns their homes so there are no mortgages per se except to foreigners and the utilities are very cheap as they are State provided. Tax wise, Bulgaria is in a surplus position and has been reducing its foreign debt [enormously compiled by the Communist/Russian government over 40 years by 12-15% per year even while reducing the rates every year and increasing the social support and pensions. The EU membership will put pressure on that but then the EU and its financing entities are pumping green oil into the massive infrastructure projects to meet EU standards over the next 5 years.
Keep up the good work,
Earl Glenwright
Sofia, Bulgaria
etg_cos@yahoo.com
