Vladimir Putin took part in a ceremony on Friday to launch of construction of the South Stream pipeline that will provide Russia with a new route to European gas markets bypassing Ukraine.
Energy pundits who have dismissed the €16bn project as a Kremlin ruse designed to force Kiev to accept Russian terms for gas trading, may have to think again. It looks as if South Stream is really happening. Continue reading »
Pipeline will be laid on the bed of the Black Sea
Gazprom has been putting the final investment agreements in place for the South Stream project, clearing the way for construction of the 63bn cubic metres a year pipeline to Europe to begin next month. Never mind that demand for Russian gas in Europe is falling, or the $19bn cost of South Stream. The pipeline will help free Gazprom from dependence on Ukrainian transit pipelines and improve European energy security. Continue reading »
Russian energy giant Gazprom is set to push ahead with its controversial South Stream gas pipeline which will run to the heart of Europe, while progress on an EU-backed rival project is, as usual, patchier.
On Monday, Srbijagas – a Serbian government-owned monopoly – announced that it would start work on the 470km, €1.7bn stretch of South Stream running through Serbian territory in December. Continue reading »
Unlike many European leaders, Vladimir Putin has remained on amicable terms with Silvio Berlusconi even after the former Italian prime minister’s ignominious exit from power late last year.
But Putin is not going to let personal loyalties interfere with the strategic partnership Russia and Italy built during the time that his friend dominated Italian politics. A flurry of deals signed on Monday as Mario Monti, Italy’s new premier paid his first working visit to Russia since taking office are testimony to that. Continue reading »
Bulgaria’s decision to scrap the part-completed Belene nuclear power plant, one of the largest Russian-built energy projects in Europe, signals a change of emphasis in Sofia’s energy policy. And the fact that Russia’s Atomstroyexport has accepted the decision suggests Moscow is prioritising the controversial South Stream pipeline through south eastern Europe ahead of other interests in the region. Continue reading »