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He called on the EU countries to postpone the South Stream project until it corresponded to European legislation.
South Stream, which will be jointly built by Gazprom and ENI, will eventually take 30 billion cubic meters of Russian natural gas a year to southern Europe. Analysts have said that the project will cost around 10 billion euro, or $15.82 billion.The project stipulates for the offshore gas pipeline section to run under the Black Sea from the Russkaya compressor station on the Russian coast to the Bulgarian coast. The total length of the offshore section will be around 900 kilometers, the maximum depth — over two kilometers and the design capacity — 63 billion cubic meters. There are two optional routes for the onshore gas pipeline section: either north-westwards or south-westwards from Bulgaria.
South Stream is a strategic project for Europe's energy security and should be implemented by the end of 2015. Work is currently underway to draft a feasibility study for the marine section across the Black Sea and the surface section running through transit countries.
The overall capacity of the marine section of the pipeline will be 63 billion cubic meters per year. Its cost is about €8.6 billion.