MOSCOW, March 17 (UPI) -- Russian energy giant Gazprom rejected an offer to join the planned Nabucco pipeline, moving in favor of its South Stream pipeline to Italy, officials said.
Gazprom deputy chief Alexander Medvedev said the company was invited to join the Nabucco pipeline for European markets but declined the offer, RIA Novosti reports, citing Russian television.
"Unlike in the case of Nabucco, we have everything we need for this project (South Stream) to materialize," he said. "We have gas, the market, experience in implementing complex projects and corporate management."
European markets are looking to expand alternate gas routes in the wake of a row between Russia and Ukraine that left Europe starved for natural gas for weeks. Around 80 percent of all Russian gas bound for Europe travels through Ukraine.
Europe and the United States are pushing for the $10 billion Nabucco pipeline to transport gas from Caspian and Middle Eastern suppliers. Some analysts have expressed concern over the supplies for Nabucco, however.
Meanwhile, Russia is pushing its own alternates, the South Stream gas pipeline to Italy and the Nord Stream pipeline to Germany, as options to diversify the regional energy sector.
