Construction of the South Stream pipeline carrying Russian and Central Asian natural gas to Europe will cost around EUR15 billion, the project's majority stakeholder OAO Gazprom (GAZP.RS) said Tuesday.

Costs of the offshore part of the pipeline through the Black Sea will cost EUR10 billion, while the price of the land part will be EUR5.5 billion, Gazprom said on its website.

Gazprom is a partner with Italy 's Eni SpA (E) in the project, which is considered a rival to the European Union-backed Nabucco pipeline project.

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