Russia and Austria set up joint South Stream company
Russia and Austria have agreed on a joint company to construct the Austrian arm of the USD 45 billion South Stream gas pipeline project, RT.com is reporting.
Tuesday, 24.06.2014.
14:31
Russia and Austria set up joint South Stream company
The company will be 50 percent owned by Gazprom and 50 percent by Austria’s OMV Group, according to the report.Construction on the Austrian section is expected to begin in 2015 and that the first deliveries will start in 2017, reaching full capacity in January 2018.
OMV spokesman Robert Lechner was more optimistic, and said the first South Stream deliveries could come as early as 2016.
At Tuesday's meeting in Vienna, OMV CEO Gerhard Roiss said that South Stream fully complies with EU legislation.
"This project- investment in European energy security- will fully comply with EU legislation," Roiss said, as quoted by ITAR-ITASS.
"Bulgaria and Serbia, countries nearly 100 percent dependent on Russian gas, have faced pressure from the EU to halt construction," the Russian media outlet noted, explaining that the pipeline "needs EU approval so that it does not violate ‘Third Energy Package’, which says a company cannot both own and operate pipelines within the European Union."
Ahead of Russian President Vladimir Putin’s visit to Vienna, Austrian ministers said they remained committed to Russia’s South Stream project and that they plan to speed it up, RT reported.
The signing of the agreement was announced ahead of Putin's trip. The Russian leader is due to arrive in Vienna on Tuesday afternoon for a working visit and meet with the country's top officials, something that met with criticism from some EU countries, notably Sweden and Lithuania.
Earlier in the day, Putin's spokesman Dmitry Peskov said the president asked the Federation Council to cancel its resolution permitting the use of the Russian military in Ukraine.
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