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Global elite gathering at Davos to discuss world economy challengesBusiness & Economy January 17, 9:29
“We will build South Stream, since this project enhances energy security of our country and we will not let Hungary be dependent on Ukraine,” he said, adding that those who sought to halt this project should first offer an alternative solution “how to get fuels.”
Last autumn, the European Commission launched an anti-monopoly probe of the South Stream project on grounds that it violated norms of the European Union’s Third Energy Package. This spring, the European Commission demanded that countries involved in the projects suspend its implementation. EU Energy Commissioner Guenther Oettinger even warned these countries of possible consequences.
Russia’s Gazprom sees the South Stream project as a means to diversify natural gas supplies to Europe and to reduce dependence on transit countries. The seabed section of the South Stream pipeline will run across the Black Sea bottom from the Russkaya compressor station in Russia to the Bulgarian coast at Varna. The ground section of the South Stream pipeline will run across Bulgaria, Serbia, Hungary, Slovenia, and Austria. The designed capacity of the pipeline is 63 billion cubic metres. The pipeline is planned to be commissioned in late 2015.