Paul Hastings Advises Bulgarian State-Owned Entities in Two Historic Gas Pipeline Projects

January 29, 2008

Paul Hastings Advises Bulgarian State-Owned Entities in Two Historic Gas Pipeline Projects

London (January 29, 2008) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm advises Bulgarian state-owned entities in two pipeline project negotiations, different aspects of each were signed into agreement on January 18, 2008.

Paul Hastings represents the interests of Bulgargaz, the Bulgarian state-owned natural gas company, with respect to SouthStream, a natural gas pipeline project that will traverse Bulgaria in its route from Russia to Italy.

The project, proposed by GazProm, a Russian gas company, and ENI, an Italian oil and gas company, is set to cover over 900 kilometers (560 miles) under the Black Sea from Russia to Bulgaria and onward and will supply 30 billion cubic meters of gas annually. An intergovernmental agreement regarding the Bulgarian section of the SouthStream project was signed in Sofia, Bulgaria on January 18, 2008.

In addition, Paul Hastings represents the Bulgarian state-owned entities in the negotiation and financing of the historic Trans-Balkan Crude Oil Pipeline (previously referred to as the Burgas Alexandroupolis Pipeline Project). Being jointly developed by participant companies from the Republic of Bulgaria, the Russian Federation and the Hellenic Republic, the crude oil pipeline will transport Russian and Caspian Sea-sourced oil from the Bulgarian Black Sea port of Burgas to the Greek Aegean port of Alexandroupolis. The pipeline will provide an alternative to tanker traffic through the Bosphorous Straits, and will enable Russian and Kazakh crude oil to reach world markets. On January 18, 2008 in Sofia, Bulgaria a shareholders agreement was signed to establish an international project company to develop the Trans-Balkan Crude Oil Pipeline.

"We are delighted to be advising Bulgarian state-owned entities on these two landmark pipeline projects, said Jonathan Simpson, partner and head of European Projects. Our involvement on these transactions, places Paul Hastings at the forefront of oil and gas pipeline development in Europe.

Partners Mark Lewis, Jonathan Simpson and Liubomir Roglev lead the Paul Hastings team from the Washington, D.C., London and Paris offices respectively.

About Paul Hastings Global Projects Group: The Paul Hastings Global Projects Group is internationally recognized for the breadth and depth of its project finance and development capabilities. With more than 25 years of experience, Paul Hastings has one of the most experienced teams of project and energy lawyers in the world. In the last few years, the Global Projects Group has represented clients in more than $40 billion of project transactions globally.

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.