Energy projects to pick up pace
Greece and Russia have agreed to set up committees to monitor progress made in joint energy projects on concerns they are falling behind schedule. Greek Development Minister Christos Folias met on Monday with Russian Energy Minister Sergey Shmatko in Moscow, where they agreed to set up a committee to check progress made on the Burgas-Alexandroupolis oil pipeline and the South Stream natural gas project. «The two ministers agreed it is exceptionally important to speed up the pace of realization of the two major projects,» the Greek Development Ministry said in a statement yesterday. The Russian-backed oil pipeline, which will stretch over 285 kilometers and connect Bulgaria’s port of Burgas with Alexandroupolis in northwestern Greece, is expected to be operating in 2009. Folias said he expected Greek Parliament to ratify the oil pipeline deal «very soon.» The South Stream project will transport 30 billion cubic meters of Russian gas annually to Southern Europe, with Greece becoming a transit state on the southern leg of the pipeline pumping gas to Italy. «By October 15, I will meet with the minister, so that we can review what has been recommended by the committee and move ahead with long-term mutually beneficial cooperation at a faster pace,» said Folias in a statement. The two projects are seen as helping boost Greece’s role as a transit hub on Europe’s energy map. The South Stream project will also help the country meet its increasing power needs by supplying additional amounts of natural gas. Folias and recently appointed Shmatko also discussed the possibility of extending Russia’s natural gas supply contract with Greece beyond 2016. In a bid to increase the country’s natural gas supplies, gas company DEPA said on Monday it has signed a cooperation of memorandum with Gaz de France. [email protected]
