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Gazprom CEO orders adjustment of South Stream schedule

December 30, 2011, 20:12 UTC+3
The order aims to intensify the project
1 pages in this article
Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, December 30 (Itar-Tass) —— Gazprom CEO Alexei Miller has ordered an adjustment of the South Stream schedule, a Gazprom representative told Itar-Tass on Friday.

The order aims to intensify the project, he said.

Earlier in the day Prime Minister Vladimir Putin called for accelerating the South Stream project. “It would be preferable to start works in the end of next year,” he told Miller.

“Survey of the sea segment will be done by the end of 2012, and construction works will last from early 2013 through December 2015. Commercial gas deliveries will start then,” Miller said.

“According to the combined feasibility study, investments in the sea segment will reach 10 billion euros. There will be four lines with the length of 925 kilometers, and the pipeline capacity will amount to 63 billion cubic meters. The land segment will cost 6.5 billion euros and stretch out for slightly more than 2,000 kilometers. The total funding will stand at slightly more than 15 billion euros,” he said.

The company will fund the project at 30% with its own funds, and borrowings will cover the remaining 70%. In all, Russian expenditures will near 7.5 billion euros, due to the Gazprom ownership of 50% in the joint venture.

The construction of a South Stream extension to Macedonia is under consideration, Miller said.

South Stream aims to diversify the routes of natural gas deliveries to Europe.

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