"South Stream to start in 2011 at latest"

Gazprom Chairman Aleksei Miller says that the South Stream pipeline's passage through Serbia will be confirmed by next year.

Izvor: Tanjug

Wednesday, 11.06.2008.

12:19

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Gazprom Chairman Aleksei Miller says that the South Stream pipeline's passage through Serbia will be confirmed by next year. Construction will begin in 2011 at the latest, he adds. "A feasibility study and a final decision on South Stream's entire route will be complete by mid-2009,” said Miller. "South Stream to start in 2011 at latest" Besides the already signed agreements with Bulgaria, Serbia, Hungary, Greece and Italy, Austria and Slovenia will also join the project with talks with the two countries drawing to a close. The Gazprom chairman said that South Stream would not represent competition to the European Nabucco project, but rather another way of guaranteeing Europe’s energy security. Asked what reassurances he had received from Serbian officials that the energy deal between Russia and Serbia would soon be ratified in parliament, and that the contract for the privatization of the Serbian Oil Industry (NIS) would be signed, Gazprom Vice-President Aleksandr Medvedev replied that he was sure it was just round the corner. “Serbian government representatives have told us that the agreement will be ratified in the very near future, but it’s important that the Russian offer does not only involve the takeover of a 51 percent holding in NIS, but also the construction of the South Stream pipeline and completion of the construction of the underground reservoir in Banatski Dvor,” said Medvedev. He added that NIS, thanks to the investment that this agreement involved, would become a competitive company. Senior officials at the Russian oil giant, currently the third biggest energy company in the world with a capital of some USD 360mn, aim to increase its capital to USD 1,000bn and thus turn it into the market leader.

"South Stream to start in 2011 at latest"

Besides the already signed agreements with Bulgaria, Serbia, Hungary, Greece and Italy, Austria and Slovenia will also join the project with talks with the two countries drawing to a close.

The Gazprom chairman said that South Stream would not represent competition to the European Nabucco project, but rather another way of guaranteeing Europe’s energy security.

Asked what reassurances he had received from Serbian officials that the energy deal between Russia and Serbia would soon be ratified in parliament, and that the contract for the privatization of the Serbian Oil Industry (NIS) would be signed, Gazprom Vice-President Aleksandr Medvedev replied that he was sure it was just round the corner.

“Serbian government representatives have told us that the agreement will be ratified in the very near future, but it’s important that the Russian offer does not only involve the takeover of a 51 percent holding in NIS, but also the construction of the South Stream pipeline and completion of the construction of the underground reservoir in Banatski Dvor,” said Medvedev.

He added that NIS, thanks to the investment that this agreement involved, would become a competitive company.

Senior officials at the Russian oil giant, currently the third biggest energy company in the world with a capital of some USD 360mn, aim to increase its capital to USD 1,000bn and thus turn it into the market leader.

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