UPI: South Stream one step closer to build

Gazprom said it expects its South Stream gas pipeline to make a "great contribution" to European energy security now that investment decisions are in hand.

Italy hosted a board of directors meeting for South Stream partners. Representatives from Gazprom, Italian energy company Eni, utility Electricite de France and Germany's BASF met to adopt final investment decisions for offshore sections of the pipeline.

"The South Stream project makes a great contribution to ensuring the European energy security. It allows creating alternative and reliable routes of natural gas supply to our consumers," said Gazprom Chief Executive Officer Alexei Miller.

Recent weeks have seen Hungary, Serbia and Slovenia adopt final investment decisions for their sections of the pipeline. Miller said the Italian decision marks the beginning of the project's realization.  MORE