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Gazprom eyes Balkan route for S. Stream

Sept. 25, 2012 at 7:23 AM   |   Comments

SOCHI, Russia, Sept. 25 (UPI) -- Gazprom touted the benefits of natural gas during discussions on the South Stream pipeline with delegates from the Balkan Peninsula.

Gazprom Chairman Alexei Miller met President of Republika Srpska Milorad Dodik at an investment conference in Sochi. They signed a memorandum of understanding that spells out the partnership between the energy company and the republic, a political entity inside Bosnia and Herzegovina.

Gazprom said both sides paid particular attention to the construction of an artery from the planned South Stream natural gas pipeline to the republic.

"The memorandum we signed today proves the timeliness of Gazprom's European projects in the energy sector," said Miller in a statement. "The growing demand for natural gas as the most eco-friendly fuel and our partners' intention to ensure stability of supplies are crucial for successful implementation of our projects."

South Stream would split with arteries headed to Greece and the Balkans after passing through the Turkish waters of the Black Sea. It would carry roughly 2.2 trillion cubic feet of gas per year when it goes into service by 2015.

Gazprom was accused by the European Commission of abusing its market position in Eastern European countries.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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