NEWS

Paul Hastings Represents Bulgarian Energy Holdings in its Joint-Venture Agreement to Develop Natural Gas Interconnector Linking Greece to Bulgaria

July 20, 2009

Paris (July 20, 2009) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm represented Bulgarian Energy Holdings EAD in its agreement with Greece-based natural gas transportation company DEPA and Italian utility Edison to develop a new natural gas interconnection  between the Greek and Bulgarian natural gas transportation system. The memorandum of understanding, signed on July 14, 2009, values the project at approximately €120 million.

The project envisions connecting the Bulgarian gas transmission network with the Turkey Greece Italy pipeline thus ensuring diversification of natural gas supply for the national and regional gas market. This project allows Bulgaria to take concrete measures in securing an alternative route for natural gas import and providing access to multiple new sources of natural gas. The alternative delivery route and access to alternative sources of supply increase Bulgarias energy security and reliability while also increasing economic opportunities in the region.

The Paul Hastings team was led by Paris partner Liubomir Roglev and Washington, D.C. partner Mark Lewis, and included London partner Jonathan Simpson.

About Bulgarian Energy Holdings EAD: Bulgarian Energy Holding EAD is a state-owned energy holding company in Bulgaria, whose holdings include Bulgargaz and Bulgartransgaz, the national natural gas supply/delivery and transportation companies, respectively. It was incorporated on September 18, 2008 after renaming Bulgargaz Holding EAD.

Paul, Hastings, Janofsky & Walker LLP is a leading international law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.