Russia and Bulgaria have approved the financial details for the construction of the South Stream gas pipeline and Gazprom has already started the $3,5 billion project in the Balkan country. This was reported by the CEO of Gazprom Alexei Miller.
The project, which appears to be the Russian response to the European Union's attempts to find alternative suppliers, will transport about 63 billion cubic meters of gas a year through the Black Sea, Bulgaria, Serbia, Hungary, Slovenia up to Italy.
“The South Stream pipeline is a key building block for energy security in Europe,” Miller told reporters.
In its first phase, the project – in which Eni is also a member of the consortium – will be ready to pump 15,75 billion cubic meters of gas per year to Bulgaria by the end of 2015.
