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South Stream Flows into Hungary
Russian and Hungary are about to sign an agreement on the construction of a natural gas pipeline and underground gas reservoir in Hungary after talks between Gazprom CEO Alexey Miller and Hungarian Finance Minister Janos Veres. Veres has also been in talks with officials from the Russian Ministry of Industry and Energy. The agreement is the final link in the South Stream pipeline route from Russia along the Black Sea floor to Italy. It will be singed at the end of the week. Hungary continues to support the competing Nabucco pipeline project as well.
Gazprom is responsible for 65 percent of Hungary's natural gas imports. The new pipeline in will have a capacity of at least 10 billion cu. m. per year. The division of the costs and obligations of the project will be subject to additional agreements between Gazprom and the Hungarian MOL.
South Stream will lead from Russia to Bulgaria and branch there. A northern branch will continue to Serbia, Hungary and Austria, and a southern branch will go through Greece to Italy. The pipeline will have a total capacity of about 30 billion cu. m. and cost $10 billion. On Friday, Greek Development Minister Christos Folias stated his country's interest in the project after a meeting with Russian Minister of Industry and Energy Viktor Khristenko.
www.kommersant.com
All the Article in Russian as of Feb. 26, 2008
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