Let us state the publicly known facts and try to assess the business merits of the deal. Bit by bit, slowly and systematically, so that even non-experts can understand.   We have a standing valid gas transit contract between Gazexport and Bulgartransgaz, using the current Trans-Balkan Pipeline, until 2030 with “secure” revenues of $ 1.2 billion. This is not the total contract amount, just the ‘ship or pay’ segment, accrued until the end of the contract. This is regardless of whether Gazprom decides to end transit through Ukraine, to take up alternative routes through Turkey, Germany or the North Pole. Cash in hand. Or almost.   Giving up on these receivables is a condition sine qua non, set by Gazprom, if we want to enter into the new venture