BELGRADE, October 16. /TASS/.Russia’s South Stream gas pipeline project is beneficial for Europe as it reduces transit risks, however, Russia will not be completing the project all by itself, Russian President Vladimir Putin said on Thursday.
“We cannot unilaterally construct a pipeline system worth billions of dollars if our partners are still thinking whether to develop the project or not,” Putin, who is currently on an official visit to Serbia said.
The Russian president said the South Stream project “is beneficial for the European consumers as it considerably diminishes transit risks.”
South Stream gas pipeline
The construction of the South Stream pipeline started in late 2012. Under the project, the first deliveries are due in 2016 and the pipeline is expected to become fully operational in 2018.
Last year, the European Commission urged to review bilateral intergovernmental agreements between Russia and EU countries to ensure that they comply with the Third Energy Package, which requires the separation of gas production, transportation and sale to prevent gas suppliers from dominating the infrastructure.