The South Stream pipeline to pump natural gas from Russia to the Balkans and on to Europe will be in operation by 2016, Russian news agency RIA Novosti reports on its Web site Friday, citing a source at energy company OAO Gazprom (GAZP.RS).
"The construction of South Stream is planned to be concluded no later than in 2015. The overall investment required will be calculated on the basis of a comprehensive feasibility study," a Gazprom official is quoted as saying.
The official added that Gazprom would finalize the route this year.
The project, designed to pump 31 billion cubic meters of Central Asian and Russian gas a year to Europe involves Bulgaria, Serbia, Hungary, Italy and Greece, the report says.