Gazprom commits to South Stream

Nov 15, 2012 12:00 AM

Russian Gazprom has formally agreed to build a costly pipeline that would deliver Russian gas to large parts of Europe.

The South Stream pipeline — funded by Gazprom, Italy's Eni, France's EdF and Germany's Wintershall — is due to start operating in 2015, bringing up to 63 billion cubic meters of gas annually to the Balkans, Austria and Italy.

The Moscow-based company said that it signed the final investment agreement with its European partners, confirming december as the starting date for construction. The financial details of the agreement were not disclosed.

The pipeline would go from Russia under the Black Sea to reach Bulgaria, Serbia, Hungary, Slovenia, Austria and Italy in one leg, and Croatia and Greece in a second.

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

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