Wednesday October 1, 2014 Search
Weather | Athens
28o C
16o 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. ďWe are not going to construct a pipeline to be empty,Ē said Leonid Chugunov, head of the companyís 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 Gazpromís interest in Greeceís Public Gas Corporation (DEPA), saying that regardless of who owns DEPA, the pipeline decision is about the Greek market.

Gazpromís 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 Karamanlisís premiership and were connected to his governmentís 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 Gazpromís interest in the Greek gas market means a return of Greece to South Streamís future plans cannot be ruled out.

ekathimerini.com , Tuesday November 13, 2012 (23:06)  
Troika, ministry close to deal on corporate debts
Greek bonds rise on speculation ECB to allow bank-loan purchases
Greek factory activity returns to contraction in September - PMI
Mario Draghi to push ECB to buy Greek, Cypriot ījunkī loans: FT
Thessaloniki NGOs appeal for help to deal with influx of Syrian refugees
Two non-governmental organizations appealed to the public on Wednesday to donate clothing and food to help dozens of refugees from war-torn Syria who have flooded into Thessaloniki over the ...
Incoming EC President Jean-Claude Juncker to visit Athens
Incoming European Commission President Jean-Claude Juncker is expected to visit Athens on Friday, the Commission's press office confirmed on Wednesday. The former prime minister of Luxembour...
Inside News
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
SOCCER
Karamanos punishes Michel for deeming him surplus
Atromitos forced Olympiakosís first loss this season in all competitions on Saturday to allow PAOK to go alone on top of the Super League table on Sunday. Odds-on title favorite Olympiakos l...
Inside Sports
COMMENTARY
Truth before the battle
The coalition has lost its sense of direction in the last few months. Exactly where things went off track is not the question at this stage. What is certain is that if it continues competing...
EDITORIAL
Bending the rules
The flexibility with which laws are implemented has been a fundamental cause for concern in Greece during the post-dictatorship era. Everything becomes a subject for negotiation, even in cas...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Thessaloniki NGOs appeal for help to deal with influx of Syrian refugees
2. Troika, ministry close to deal on corporate debts
3. Incoming EC President Jean-Claude Juncker to visit Athens
4. Greek bonds rise on speculation ECB to allow bank-loan purchases
5. Seven arrested in Greece in migrant smuggling ring
6. Velvento banks robbers not terrorists, court rules
more news
Today
This Week
1. Air-raid sirens to go off all over Greece at 11 a.m. in drill
2. Truth before the battle
3. Mario Draghi to push ECB to buy Greek, Cypriot 'junk' loans: FT
4. Smallpox decimates sheep stocks in northern Greece
5. Thessaloniki transport gets more expensive
6. Bending the rules
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.