Russia to drop South Stream pipeline, says Putin

According to press reports, Russia will stop construction of Gazprom’s proposed South Stream pipeline. During a trip to Ankara to meet with Turkish President Recep Tayyip Erdogan, Russian President Vladimir Putin said Russia would instead focus on developing an alternative pipeline to Turkey that would terminate at a gas distribution hub on the Turkish-Greek border.

Putin blamed opposition from the European Union for the termination of the South Stream pipeline, which was set to strengthen European energy security. "Taking account of the fact that until now we have not received permission from Bulgaria, we believe that in the current conditions Russia cannot continue with the realisation of this project," said Putin. "If Europe does not want to carry out (South Stream), then it will not be carried out, We are now going to focus our energy resources in other directions." Alexei Miller, Chairman of the Gazprom Management Committee, later confirmed, "The project is closed."

Edited from various sources by Rosalie Starling

Sources: Wall Street Journal, BBC News, The Financial Times

Read the article online at: https://www.worldpipelines.com/business-news/02122014/russia-to-drop-south-stream-pipeline-says-putin-1079/