World News

Putin: Pipeline cancellation will cost Bulgaria $400 million a year

Russian President Vladimir Putin delivers a speech during a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 7, 2019. REUTERS/Maxim Shemetov

ST PETERSBURG (Reuters) - Russian President Vladimir Putin said on Friday that Bulgaria had lost possible transit revenues of $400 million a year from the cancellation of the South Stream gas pipeline project.

Putin also told an economic forum in St Petersburg that Russian pipeline gas will always be cheaper than liquefied natural gas (LNG) from the other side of the ocean.

Reporting by Vladimir Soldatkin, Darya Korsunskaya, Katya Golubkova, Andrey Ostroukh; writing by Maria Tsvetkova; Editing by Kirsten Donovan