Saturday November 29, 2014 Search
Weather | Athens
16o C
10o 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)  
Q3 growth was bigger than thought
Who will pay for the state’s ADMIE stake?
Christmas budgets slashed due to higher taxes, healthcare costs
Finance Ministry inundated with applications for debt settlement
Venizelos extends invite to Turkey at start of visit
Foreign Minister Evangelos Venizelos arrived in Ankara Friday night for two days of talks. Ahead of his visit he sought to make it clear that Greece is prepared to discuss maritime issues wi...
Vatopedi trial for 14 suspects
The Supreme Court decided Friday that 14 people should stand trial for the notorious property swap between the Vatopedi Monastery and the state six years ago. Those who will face charges of ...
Inside News
BASKETBALL
One more emphatic win sees Panathinaikos make top 16
Panathinaikos has mathematically qualified to the top 16 of the Euroleague after another emphatic home win, this time against Bayern Munich, with an 87-72 score on Friday. Given the changes ...
SOCCER
PAOK is one win from Europa League´s last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
Inside Sports
COMMENTARY
Change of US president won´t mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. One more emphatic win sees Panathinaikos make top 16
2. Venizelos extends invite to Turkey at start of visit
3. Vatopedi trial for 14 suspects
4. New proposals on way to troika
5. Cabbie who carried shooter claims he was threatened
6. Gov´t urged to allow Syrian refugees to move on
more news
Today
This Week
1. Change of US president won't mean change of foreign policy
2. Child molester suspect photo released by police
3. Greek economy expands 0.7 pct q/q in Q3
4. Lebanese FM: Cyprus may be jihadi transit point
5. Athens water supply 9-month profit falls 45 pct on lower charges
6. Armed man arrested on Thessaloniki campus
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Cosco’s Greek unit adds multinational rail-freight client
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.