| Author (Person) | Rettman, Andrew |
|---|---|
| Series Title | EUObserver |
| Series Details | 02.12.14 |
| Publication Date | 02/12/2014 |
| Content Type | News |
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EUObserver, EurActiv and other news sources reported on the 1 December 2014 that Russia had scrapped the South Stream pipeline project to supply gas to southern Europe, without crossing Ukraine. This was due to EU objections. Russia would instead work with Turkey for an alternative pipeline. The pipeline was to bring Russian gas to Austria and Italy via the Black Sea, Bulgaria, Serbia, and Hungary from 2016. Several countries in the Balkans region were concerned of the economic implications of Russia's change of plans. Deutsche Welle reported that there was speculation that the crisis in Ukraine as well as Russia's current economic plight played major roles in the decision to cancel South Stream. Europe had a falling demand for gas, and did not need the potential 63bn cubic metres a year that South Stream would provide. The already constructed North Stream pipeline was only filled to a fraction of its similar capacity, and was running at a loss. The European Commission, meanwhile, said on the 2 December 2014 that Russia's decision to halt the project showed that the EU had to step up efforts to reduce its reliance on Russian gas. Balkan countries, in particular Bulgaria, made clear that they expected the EU to help those countries find a viable alternative energy supply. Serbia was also said to be disappointed by the Russian announcement. Bulgarian prime minister Bojko Borisov in Brussels for a meeting with European Commission President Juncker on the 4 December 2014 said President Putin's statement on the 1 December 2014 had been 'premature' and gave reassurances that Bulgaria - and the European Commission - wanted South Stream to be built. |
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| Source Link | Link to Main Source http://euobserver.com/foreign/126749 |
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| Subject Categories | Energy |
| Countries / Regions | Austria, Bulgaria, Europe, Hungary, Italy, Russia, Serbia |
