CMS and Arsov Natchev Ganeva have advised contractor Arkad on the completion of the Balkan Stream Gas Pipeline project, which was completed at the end of December, 2020. Dentons’s Dubai office, KPMG Legal and Tsvetkova Bebov Komarevski in Bulgaria, and Latham & Watkins in Russia reportedly also advised the contractor on the deal. Linklaters’s London office, reportedly assisted by DGKV in Bulgaria, advised unspecified lenders on financing for the project.
According to CMS, the construction of the project, which is valued at more than EUR 1.1 billion, was successfully completed at the end of December 2020.
The Balkan Stream project is an extension of TurkStream, which begins at the Russkaya compressor station near Anapa in Russia and crosses the Black Sea into Turkey. According to CMS, “the extended 474 kilometer Balkan Stream pipeline runs from Bulgaria’s southern border with Turkey to its western frontier with Serbia. With the completion of Balkan Stream Gas Pipeline project the natural gas coming from Turk Stream will now progress through Bulgaria into Serbia, Hungary, and Austria.”
Arkad is a Saudi Arabian provider of construction, engineering, and project management services.
The CMS team consisted of, in Bulgaria, Managing Partner Kostadin Sirleshtov, Counsel Nevena Radlova, Senior Associate Denitsa Dudevska, Consultant Maria Lazarova, and Associate Borislava Piperkova; in Italy, Managing Partner Pietro Cavasola; and in Russia, Partner Vladimir Zenin.
Arsov Natchev Ganeva’s team consisted of Partners Jivko Rokov and Dessislava Lukarova and Associate Maryika Gerova.
Linklaters’ team was helmed by Partner Ilia Ditiatev.
The Dentons team included Partners Ziad Saad and Udayan Mukherdjee and Counsel Michelle Teng.
Tsvetkova Bebov Komarevski’s team was led by Partner Venelin Dimitrov, assisted by Associate Petar Ivanov.
DGKV’s team included Counsel Kaloyan Krumov and Associate Hristo Stoyanov.
Latham & Watkins’ team included Managing Partner Mikhail Turetsky, Counsel Elizaveta Bacheyeva, and Associates Seb Tuohy and Alexandra Samsonova.