MOSCOW, Oct. 13 (UPI) -- Many of the natural gas projects supported by Russia have advanced to the point that the world economic crisis will have little impact, officials said Monday.
Valery Yazev, president of the Russian Gas Union, told reporters the pricing mechanism and route for the Nord Stream pipeline to Germany is established under previous agreements and therefore has little exposure to global market conditions.
He also noted planning for the South Stream pipeline to Italy has evolved enough to sustain the crisis, RIA Novosti reported.
"These projects are so advanced that the crisis will not affect them," he said.
Germany reached agreements with Russia last week to move forward with the $12 billion Nord Stream project, while transportation through the South Stream route should begin in 2013.
Yazev also expressed confidence that Russian energy giant Gazprom, pipeline company Transneft and oil company Rosneft would not face delays in their projects despite a request for additional capital.
"The government will do its utmost for projects to be implemented according to schedule," he said.
