• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 30 mins Emissions Need To Be Halved To Avoid 3C Warming
  • 3 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 12 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 hour Solar Panels at 26 cents per watt
  • 4 hours Coal Boom in Asia is Real and a Long Trend
  • 8 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 13 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 7 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 11 hours Trudeau approves Trans Mountain Pipeline
  • 13 hours The Plastics Problem
  • 7 hours US to become net oil exporter in November: EIA
  • 4 hours US Shale Drilling lacks regulatory body.
  • 5 hours Huge UK Gas Discovery
  • 5 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
Middle East Torpedo Attacks Send Oil Prices Soaring

Middle East Torpedo Attacks Send Oil Prices Soaring

Oil prices jumped on Thursday…

Oil Flat Despite Middle East Tensions

Oil Flat Despite Middle East Tensions

Oil markets appear to have…

Construction of South Stream Pipeline to Begin in December

The South Stream natural gas pipeline was first introduced in 2007 as a venture between Gazprom of Russia, and Eni of Italy. It is meant to offer a rival to the gas pipeline proposed to transport gas from the Black Sea to Europe, a pipeline that if left unchecked could threaten Gazprom’s natural gas monopoly in Europe.

A statement has now been released by Vladimir Putin’s office, which announces the South Stream project will begin in December. Eni initially said that they expected a final investment decision to be made in late 2010 or early 2013, however the Russians have now said that “Gazprom and Eni aim to make the final investment decision on the offshore part of the project in November and start the construction in December.”

The pipeline will cost an estimated €15 billion ($18.25 billion) and be able to supply southern Europe with 63 billion cubic meters of natural gas as early as 2015.

Putin and Mario Monti, the new Italian Prime Minister, will meet in Russia today to discuss the deal, amongst other things.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Reay Services Group on August 27 2012 said:
    Will you please tell me that what kind of precautions should be used in Gas pipelines

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News