Russia against joining Nabucco and South Stream pipelines.

By bne IntelliNews March 17, 2010
As commented by the Energy Minister Sergey Shmatko, the issue of joining Russia s South Stream and US-financed Nabucco pipelines is not even being discussed. Earlier, head of Italian energy major Eni Paolo Scaroni proposed that two pipelines are joined in order to save costs (Eni is Gazproms partner in South Stream and also a participant in Nabucco). Shmatko elaborated that although Russia is supporting diversification of gas supplies to Europe , South Stream is currently much more competitive as all necessary agreements for its construction are already reached and there is a solid resource base for supplying the gas through the pipeline. South Steam project is planned to connect Novorossiysk via Black Sea and two major nods going to Italy and Austria .  South Stream is jointly realised by Gazprom and Italy 's Eni, its total cost is estimated at EUR 8.6bn and preliminary agreements on building the pipeline are already closed with Bulgaria , Serbia , Hungary and Greece . To remind, in October 2009 PM Vladimir Putin even announced that South Stream might be launched before Nord Stream pipeline project. Launching Nord Stream, however, is planned for 2011, while South Stream project does not have any clear realisation timeframe target yet.

Related Articles

Russias participation in Cyprus bail-out under question.

As Cyprus is trying to come up with new ways to raise EUR 5.8bn needed to secure the financing from ECB, EC, and IMF, Russia's participation in the package is not clear. According to the latest ... more

Fitch: Russian banks risks in Cyprus limited.

Fitch Ratings believes that resolution of the Cyprus crisis with a deposit levy or some other form of burden sharing involving creditors is unlikely to result in material losses for Russian ... more

Sources: Russia could triple oil exports to China.

Russia and China discuss contracts that would triple exports of Siberian oil through various transport corridors, Reuters reports citing unnamed sources in the industry. Rosneft is discussing ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335