Oettinger, who participated in the Black Sea Energy and Economic Forum held in Sofia, said that the participation of European investors in the Belene nuclear power plant (NPP), which is at an initial construction phase, needed to be discussed and consultations were going to be held with European and Russian partners.
Oettinger also held a bilateral meeting with Bulgarian Prime Minister Boyko Borissov, who said that his guest had promised to help find European private investors for Belene NPP.
Borissov, who had committed himself to asking the EU to approve major energy infrastructure projects with Russian participation (see 'Background'), added that his country would be ready to proceed with the construction of both Nabucco and Gazprom-favoured South Stream gas pipelines.
"In Bulgaria these two projects do not compete," he added.
As for Belene nuclear power plant, he said that if the project is cancelled Bulgaria would have to bury billions of euros.
In addition to the 1.2 billion euros of investment already made, Bulgaria would need to pay to Atomstroyeksport penalty fees in the range of 600-900 million euros, which the country does not have.
Russia has offered to Bulgaria a two-billion euro loan to allow construction of Belene to continue. The Bulgarian position appears to be that the offer could only be accepted if European money were also involved, to counter-balance Russia's stake in the NPP.
"I would bury billions if I stop the project," Borrisov said, adding: "We agreed the following – we are looking for European investors and European money to be able to continue with the project. We don't have money of our own."
