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Russian Natural Gas Supply to Italy Grows by 76%

Source: www.gulfoilandgas.com 12/3/2013, Location: Asia

The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Cesare Maria Ragaglini, Ambassador Extraordinary and Plenipotentiary of the Italian Republic to Russia.

The meeting participants addressed the status of the Russian-Italian cooperation in the energy sector as well as the progress with joint projects.

Special attention was paid to the issues of Russian natural gas export to Italy. It was pointed out that during 11 months of 2013 Gazprom had supplied the Italian market with extra 76 per cent of gas in comparison with the respective period of 2012, thus fully providing the consumers with the required amount of the blue fuel.

The parties also discussed the current state of the South Stream construction. It was stressed that the project implementation was in compliance with the schedule and the gas pipeline was under intense construction in Russia, Bulgaria and Serbia.

Italy is the third largest gas importer of Russian natural gas in the world following Germany and Turkey. In 2012 Gazprom supplied Italy with some 15.1 billion cubic meters of natural gas.

In 2006 Gazprom and Eni entered into the Strategic Partnership Agreement. Under the Agreement, Gazprom began to directly supply the Italian market with natural gas in the amount of up to 3 billion cubic meters a year and was entitled to acquire stakes in Eni's international assets.

Italy is the terminal point of the South Stream gas pipeline. Gazprom is constructing the gas pipeline across the Black Sea to Southern and Central Europe for a purpose to diversify the natural gas export routes.

South Stream is designed for maximum annual throughput of 63 billion cubic meters. The first supplies via the gas pipeline are scheduled for late 2015.

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