The South Stream Pipeline is a new major gas transportation system planned to connect the consumers in the European Union directly to the world’s largest gas reserves in Russia and to deliver gas to the Central and Southern European countries. A key element of this system is the 900 km underwater pipeline through the Black Sea which is being implemented by South Stream Transport AG, a consortium of four major energy companies: OAO Gazprom, BASF SE/Wintershall Holding GmbH, EDF Suez SA, and Eni SpA. This consortium is formed by both the exporters and importers of natural gas and therefore provides a mutually beneficial co-operation.
The underwater pipeline is a safe and environmentally responsible way of linking the EU energy grid directly to some of the world’s largest natural gas reserves. This long-term infrastructure can supply up to 63 billion cubic meters of gas per year for European consumers and industries. This is equivalent to approximately 10% of EU’s total gas consumption in the year 2020 (Source: International Energy Agency Forecast in World Energy Outlook, November 2011).
This reliable supply of natural gas will help the EU to meet its CO2 reduction targets and act as a bridge to a future of greater use of renewable energy sources. The combined experience of the leading European energy companies ensures the best technology, safety and corporate governance for this project.
The project will be financed by private investors with the investment budget of several billion Euros. This long-term investment will be a significant stimulus for many sectors of the European economy, at no cost to tax payers.
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