Greece is out of South Stream project

MOSCOW Russia's Gazprom has decided to remove Greece from its international natural gas pipeline South Stream, Greek daily Ekathimerini is reporting. Senior officials of the Russian gas and oil giant told reporters in Moscow this week that demand in the Greek market cannot cover the cost of the investment. Greece is out of South Stream project “We are not going to construct a pipeline to be empty,” said Leonid Chugunov, head of the company’s Project Management Department. This Gazprom official also "made it clear" that South Stream would only be built in those countries that are able to offer significant consumption prospects. The company "shelved for the foreseeable future" its plans to build the section via Greece, ending in southern Italy. "Should Greece need more gas, it could arrive via the existing interconnections with Bulgaria and Turkey," Chugunov said. Gazprom’s CEO Alexei Miller confirmed on Tuesday that construction on South Stream is expected to begin by the end of this year. (Stock) ekathimerini.com

Greece is out of South Stream project

“We are not going to construct a pipeline to be empty,” said Leonid Chugunov, head of the company’s Project Management Department.

This Gazprom official also "made it clear" that South Stream would only be built in those countries that are able to offer significant consumption prospects.

The company "shelved for the foreseeable future" its plans to build the section via Greece, ending in southern Italy.

"Should Greece need more gas, it could arrive via the existing interconnections with Bulgaria and Turkey," Chugunov said.

Gazprom’s CEO Alexei Miller confirmed on Tuesday that construction on South Stream is expected to begin by the end of this year.