Tuesday May 26, 2015 Search
Weather | Athens
14o C
09o 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)  
Finance Ministry says tax on ATM withdrawals not in the cards
´Grexit´ risk dips even as aid talks go to the wire, investor survey shows
Greece might sidestep June 5 IMF payment deadline
Gov´t considering small tax on ATM withdrawals
Germany sees progress on Greece, EU officials to confer on Thursday
A senior German official said on Tuesday there was no reason to believe Greece would be in default after a 300 million euro payment to the IMF falls due on June 5. Separately, euro zone offi...
Brussels Group postponed to Wednesday
A new round of discussions between Greece and its creditors, originally expected to take place on Tuesday, have been postponed to Wednesday, a high-ranking government official said on Tuesda...
Inside News
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
Inside Sports
COMMENTARY
Shame, justice, democracy
Contrary to the urban myth that Greek students are no longer taught Ancient Greek at school, they are both taught and tested on it. This does not mean to say, of course, that the subject is ...
EDITORIAL
Worrying signs in ruling party
Statements made by certain high-ranking SYRIZA officials during the party’s central committee assembly on Saturday are a source of concern. It has become blatantly clear by now that a signif...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Germany sees progress on Greece, EU officials to confer on Thursday
2. Brussels Group postponed to Wednesday
3. EU defends Juncker´s ´cool style´
4. Finance Ministry says tax on ATM withdrawals not in the cards
5. ´Grexit´ risk dips even as aid talks go to the wire, investor survey shows
6. Greece might sidestep June 5 IMF payment deadline
more news
Today
This Week
1. Overhaul planned for car taxation
2. IMF's Blanchard says Greek budget proposals not enough
3. Euro falls to four-week low as Greece deadlock spurs volatility
4. Time running out for Greece, ESM head Regling says
5. Here’s a Greek business that’s booming: Making test-tube babies
6. More migrants reach Greece, approaching 1,200 in 2 days
Today
This Week
1. Conspiracy madness
2. National self-awareness put to the test
3. Albanian demarche raises concerns about possible territorial claims over Greece
4. Why Greece won't hold referendum on reforms
5. Greek endgame nears for Tsipras as bank collateral hits buffers
6. Hotel contracts with a ‘Greek default clause’
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.