Russian gas giant OAO Gazprom (GAZP.RS) and Italy's Eni SpA (E) have agreed to double the capacity of their joint South Stream gas pipeline project, designed to pump Russian and Central Asian gas Europe, the Interfax news agency reported Friday, citing company executives.
Under a memorandum of understanding signed Friday by Gazprom head Alexei Miller and Eni's Paolo Scaroni, the pipeline will when finished pump 63 billion cubic meters a year to European consumers instead of the previously planned 31 billion cubic meters.
Gazprom had earlier said it considered increasing capacity to 47 billion cubic meters.