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CMS Advises Arkad Consortium on Amendment of Balkan Stream Gas Pipeline Construction Contract

CMS Advises Arkad Consortium on Amendment of Balkan Stream Gas Pipeline Construction Contract

Bulgaria
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CMS has advised the Italian-Saudi Arabian Arkad Consortium on the amendment and supplement of a public procurement agreement for the procurement of necessary materials and equipment, investment design-phase detailed design, construction, and commissioning of the Balkan Stream gas pipeline project.

According to CMS, “the contract’s value is EUR 1.1 billion and the original schedule of the implementation of the project provided that it should have been completed within 615 days. The amendment to the agreement deals with the consequences of the occurrence of COVID-19 force majeure, which significantly impacted Italy and the operation, productions, and works carried out by one of the partners and subcontractors to the consortium.”

CMS’s team in Sofia included Managing Partner Kostadin Sirleshtov, Senior Associates Denitsa Dudevska and Maria Lazarova, Associate Borislava Piperkova, and Trainee Diyan Georgiev, while the firm’s team in Italy included Managing Partner Pietro Cavasola and Associate Federica Turetta.

CMS at a Glance

CMS Sofia is a full-service law firm, the largest international law firm in Bulgaria and one of the largest providers of legal services in the local market as a whole. The breadth and depth of our practice means that our lawyers are specialised, with a level of specialisation that few of our competitors can match.

CMS Sofia is the Bulgarian branch of CMS, a top ten global legal and tax services provider with over 5000 lawyers in 43 countries and 78 offices across the world.

CMS entered the Bulgarian market as one of the first internationally active law firms in 2005 and is now among the most respected legal advisors in the country. We have 7 partners, 4 counsel and over 30 lawyers in our office in Sofia.

Our legal experts, who are rooted in Bulgaria’s local culture, can also draw on years of experience in foreign countries and are at home in several legal systems at once. We know the particularities of the local market just as well as the needs of our clients and combine both to achieve optimum solutions. Our lawyers are Bulgarian qualified and we also have English qualified experts – all of them regularly working on cross-border mandates.

In our work, we focus on M&A, Energy, Projects and Construction, Banking and Finance, Real Estate, Media, IP and IT law, Tax, Employment law, Competition, Procurement and any kind of Dispute resolution, including arbitration and mediation. What’s more, we also take care of the entire legal management of our clients’ projects.

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