Russian gas giant OAO Gazprom (GAZP.RS) said it will invest 509.6 billion Russian rubles ($16.9 billion) expanding its pipelines to take gas to southeastern Europe via the South Stream, piling further costs onto a project aimed at bypassing traditional transit countries Ukraine and Belarus.
Russian gas giant OAO Gazprom (GAZP.RS) said it will invest 509.6
billion Russian rubles ($16.9 billion) expanding its pipelines to take gas to
southeastern Europe via the South Stream, piling further costs onto a project
aimed at bypassing traditional transit countries Ukraine and Belarus.
The investment in
Russia
's
domestic pipeline network, revealed Tuesday in a document posted on Gazprom's
website, will bring the total cost of the project--aimed at shipping 63 billion
cubic meters of gas under the
Black Sea
by
2018--to $38.4 billion. The offshore and European sections of the pipeline are
forecast to cost 16 billion euros ($21.5 billion).
Analysts have long criticized Gazprom for perceived overspending on pipeline
projects. Some analysts question whether South Stream is needed, given flagging
demand for Russian gas in its most lucrative market in
Europe
.
Russia
says
South Stream is needed in order to diversify supply routes to the European
Union after disputes with
Ukraine
led
to cutoffs in 2006 and 2009. Russian gas covers around a quarter of
Europe
's
needs.
Gazprom and its South Stream partners Electricite de France S.A. (EDF.FR), BASF
SE (BASFY) unit Wintershall and
Italy
's ENI
(E) launched construction of the offshore section of the pipeline in December.
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