Putin confirms intentions to implement South Stream, despite European crisis
SOCHI. July 23. (Interfax) - Russian President Vladimir Putin has confirmed the intentions of all sides participating in the construction of the South Stream gas pipeline to implement all of the approved plans, despite crisis events in the eurozone.
"This is a pan-European, multilateral project in which the overwhelming majority of our major clients in Europe are interested. I am convinced that this project will be implemented," Putin said at a Monday press conference following negotiations with Italian Prime Minister Mario Monti.
Gazprom and Italy's Eni will start building the pipeline by the end of this year, and it will be finished up within two years, he said.
Despite the fact that gas consumption falls during times of crisis, good times will follow the bad, Putin assured. Gas consumption in Europe will grow, bearing in mind the fact that several major countries have abandoned nuclear energy.
"It is already clear to us who and at what volumes will purchase the product that will pass through South Stream along the bottom of the Black Sea to our clients in Western Europe. Projects aren't launched without preliminary contracted work," Putin said.
Monti said that he views South Stream as a new, important lever necessary for the development of the European Union and Italy.
