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South Stream Construction to Start in December 2012

Source: www.gulfoilandgas.com 1/20/2012, Location: Asia

Alexey Miller, Chairman of the Gazprom Management Committee moderated a meeting today at the Company's headquarters. The meeting was focused on the South Stream project implementation.

Pursuant to the assignment by Vladimir Putin, Prime Minister of the Russian Federation, a decision was made to significantly speed up the project implementation launch. The meeting approved a detailed action plan that would make it possible to start the South stream gas pipeline construction in December 2012 instead of 2013 as had been previously planned.

“We have everything in place to significantly expedite the previously announced date of the South Stream construction launch. We have a regulatory basis, great interest of the project participants in Europe, the required funds and the unique track record of delivering large-scale gas transmission projects offshore. The project is in great demand, people are looking forward to it and we are ready to launch it,” said Alexey Miller at the meeting.

The South Stream construction schedule developed by Gazprom will be submitted to the Board of Directors of South Stream Transport in February.

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