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Wednesday March 21st 2018

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Bulgaria Backs Out of Pipeline Deal

The $1.34 billion pipeline deal to carry Russian oil to Greece has fizzled. Bulgaria backed out of the deal.

In the Trans-Balkan Pipeline agreement, Russia held 51 percent and Bulgaria and Greece each had 24.5 percent, but Bulgaria is reconsidering the deal. Bulgaria is reluctant to be totally dependent on Russian for energy. The folk of the Black Sea town of Burgas are elated at the decision. They feared the pipeline would damage their tourism industry.