Thursday August 21, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Gazprom takes country out of South Stream project plans

By Chryssa Liaggou

Russian energy giant Gazprom has announced that Greece has been removed from construction plans for the South Stream pipeline that is expected to start pumping gas to Western Europe in 2015.

Senior Gazprom officials told a press conference in Moscow this week that the decision was due to the fact that demand in the Greek market cannot cover the cost of the investment. “We are not going to construct a pipeline to be empty,” said Leonid Chugunov, head of the company’s Project Management Department.

He stated that his company has shelved plans to build the southern section of South Stream ending at southern Italy via Greece for the foreseeable future, making it clear the project only targets markets that are able to offer significant consumption prospects. That is not the case for either Greece or southern Italy. Should Greece need more gas, it could arrive via the existing interconnections with Bulgaria and Turkey, Chugunov said. He also distinguished the South Stream project from Gazprom’s interest in Greece’s Public Gas Corporation (DEPA), saying that regardless of who owns DEPA, the pipeline decision is about the Greek market.

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

The plans for a Greek branch of South Stream came about as a result of the particularly good relations between Athens and Moscow during Costas Karamanlis’s premiership and were connected to his government’s positive stance in promoting the Russian-led Burgas-Alexandroupoli oil pipeline. Back then it was clear that the Greek leg of South Stream would not be based on financial criteria.

Still, energy sector sources argue that Gazprom’s interest in the Greek gas market means a return of Greece to South Stream’s future plans cannot be ruled out.

ekathimerini.com , Tuesday November 13, 2012 (23:06)  
Greek stocks post rise of 0.99 percent
Banks reject stress test concerns
Greek energy minister requests gas back-up
Greece an alternative route for South Stream, report suggests
Botched steroid deal led to Mani murders
A deal to sell steroids gone wrong appears to have been the reason for the murder of two bodybuilding fanatics, aged 25 and 26, whose bodies were found on Tuesday in a ravine on the outskirt...
Public works near completion, minister says
Eight public works projects, including the completion of a new stretch of highway at the notorious Maliakos Gulf in central Greece, are due to be completed by the end of the year Infrastruct...
Inside News
SOCCER
Greek soccer officials in refereeing probe to face prosecutor on Sept 15
Eleven soccer officials were on Wednesday given until September 15 before they have to face prosecutor Aristidis Koreas, who is investigating allegations that the draws to decide which match...
ATHLETICS
Long jumper Tsatoumas takes Greece´s second silver at European Championships
Greece won its second medal at the European Athletics Championships in Zurich, Switzerland, on Sunday with Louis Tsatoumas coming second in the long jump. Briton Greg Rutherford won the even...
Inside Sports
COMMENTARY
Logged out of reality
It is a global phenomenon, and we have yet to fully grasp its implications for democracy and the functionality of Western states. The Internet is a bottomless well of information and a vast ...
EDITORIAL
Manipulated institutions
Greece’s leftist opposition must not manipulate an institution as important as the President of the Republic for the sake of political ends. Regrettably, SYRIZA leader Alexis Tsipras appears...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Botched steroid deal led to Mani murders
2. Greek stocks post rise of 0.99 percent
3. Banks reject stress test concerns
4. Greek energy minister requests gas back-up
5. Greece an alternative route for South Stream, report suggests
6. Public works near completion, minister says
more news
Today
This Week
1. Greek current account surplus widens in June
2. Two missing men found shot dead near Kalamata
3. Logged out of reality
4. Greek firms see 30 pct rise in PayPal payments from abroad in 2014
5. ECB in policy limbo, boxed in by its own plans
6. Greece to give children at primary school road safety lessons
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Canada’s fiscal adjustment has lessons for Greece
3. Treating Amphipolis with care
4. Greece to offer law on restructuring bad loans next month
5. Greece’s recession eases as country nears end to six-year slump
6. Ministry sys ‘no’ to debt collection agencies
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.