Pipeline gets go-ahead
Europe News Brief: Dec. 2012/Jan. 2013
The South Stream Pipeline, a €15.5 billion Russian gas pipeline to Europe, has received the final signatures it authorising it's construction slated to begin on 7 Dec.
The pipeline will carry Russian natural gas to Europe with an annual supply of 15.75 billion cubic metres with an eventual full capacity of 63bcm by 2018.
South Stream will split into two lines in Bulgaria where one will go through Serbia, Hungary, and Slovenia to Austria and northern Italy, and the other tol go through Greece and under the Adriatic Sea to southern Italy eventually to supply up 14 per cent of the Europe's natural gas needs.
The line is intended to bypass Ukraine supply lines, and instead to travel under the Black Sea from Northern Russia. The gas will be supplied by Russian Government-owned gas giant, Gazprom, and will compete with the the Nabucco pipeline, a 4,000km pipeline intended to supply Europe with gas from South and Central Asia, intended decreasing European dependence on Russian natural gas.