Russia President: South Stream Has 'Glamorous Chance' for Success

Russian President Dmitry Medvedev (L) and Italian Prime Minister Silvio Berlusconi (R) hold their press conference in Rome, Italy 03 December 2009. Photo by EPA/BGNES

Russian President Dmitry Medvedev stated Thursday that the project for the construction of the South Stream gas transit pipeline had “glamorous chances” for successful completion.

Medvedev gave a press conference in Rome together with the Italian Prime Minister Silvio Berlusconi after the two energy companies Gazprom and ENI signed an agreement allowing the French company EDF to join the South Stream project.

Medvedev said the most important thing about South Stream now was working according to the schedule and meeting the set deadlines.

“The South Stream and North Stream projects are designed for providing a contemporary system of energy security in Europe. If we realize them, I am sure that everybody will be happy,” Russia’s stated.

Italian Prime Minister Berlusconi has made clear his country’s intention for further cooperation with the Russians, and for the completion of the South Stream pipeline.

Both state leaders explained South Stream was not competing with any other similar projects including Nabucco.

South Stream is expected to be launched at the end of 2015; it will have a capacity of up to 63 billion cubic meters, with the investment totaling some EUR 19-25 B.

The French company EDF is supposed to get 10% of the shares for the sea part of the pipeline. The final contract between the three companies, Gazprom, EDF, and ENI, is expected to be signed within three months.

The South Stream pipe will go through the Black Sea from Russia’s Novorossiysk to Bulgaria’s Varna. From the Balkans, the pipe will split in two parts – to Italy and to Austria.