Alexey Miller and Marcel Kramer discuss progress of the South Stream project
Today, at the 23rd meeting of the Presiding Committee of the European Business Congress (EBC), a working meeting was held between Alexey Miller, Chairman of Gazprom's Management Committee, and Marcel Kramer, Chief Executive Officer of South Stream.
The parties noted that intensive work is ongoing within the project, including the feasibility studies for the Serbian section that was completed this week. The other studies will be completed in several months.
Alexey Miller and Marcel Kramer agreed South Stream is progressing with each passing day, and they confirmed that starting from 2015 it will ensure an uninterrupted supply of gas to European consumers.
The South Stream project is implemented with a view to diversify the routes of natural gas supply to European consumers and envisages construction of a gas pipeline running under the Black Sea to the countries of Southern and Central Europe.
It is planned that the South Stream capacity will be built up gradually. The projected throughput capacity of the South Stream offshore section will reach a total of 63 billion cubic meters per year. The first line of the South Stream project is planned to become operational by late 2015.
Intergovernmental agreements were signed with Bulgaria, Serbia, Hungary, Greece, Slovenia, Croatia and Austria in order to implement the project's onshore section.
At present, the South Stream Consolidated Feasibility Study is being elaborated including the studies for the offshore section and for the respective gas pipelines in the countries of Southern and Central Europe.