InfoAnda - Slovenia signs up to Russia-Europe gas pipeline

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Slovenia signs up to Russia-Europe gas pipeline AFP - Sunday, November 15 Send IM Story Print Russian Prime Minister Vladimir Putin (R) and his Slovenian counterpart Borut Pahor attend a news conference during their meeting at the Novo-Ogaryovo residence outside Moscow. Slovenia signed an agreement on Saturday for the massive South Stream gas pipeline from Russia to Europe to pass through the country. NOVO-OGAREVO, Russia (AFP) - – Slovenia signed an agreement on Saturday for the massive South Stream gas pipeline from Russia to Europe to pass through the country. Prime Minister Borut Pahor and his Russian counterpart Vladimir Putin witnessed the accord signed by their respective energy ministers Matej Lahovnik and Sergei Shmatko at Putin's residence at Novo-Ogarevo near Moscow. "We have now signed agreements with all the European partners which are vital for the South Stream project," Putin said at a joint press conference afterwards. By signing the deal with Slovenia, Moscow dealt another blow to the rival Nabucco pipeline project, which is backed by the European Union. Nabucco aims to reduce EU dependence on Russia for gas by taking supplies from Caspian Sea nations such as Azerbaijan and Turkmenistan. But four EU members have now signed up to South Stream: Slovenia, Bulgaria, Hungary and Greece. "We wanted to sign before our relations suffered because of our team's victory," Pahor joked, referring to the crucial football World Cup qualifier between Slovenia and Russia taking place later Saturday. The 20-billion-euro (30-billion-dollar) pipeline should be completed by 2015 and will run under the Black Sea to Bulgaria, Serbia and Hungary before branching out to western Europe. Its total capacity could reach 63 billion cubic metres (2.2 trillion cubic feet) a year. The section through Slovenia, with an annual capacity of some 10 billion cubic metres, will be constructed by a company co-owned by Russia's gas giant Gazprom and Slovenia's gas distributor Geoplin Plinovodi. South Stream is one of two major pipeline projects that Russia is developing, aimed at consolidating its commanding position in supplies of gas to Europe. The other, Nord Stream, is planned to run under the Baltic Sea from Russia to Germany. Sweden and Finland gave permission on November 5 for Nord Stream to pass through their waters, which followed an agreement with Denmark on October 20 over the project. The projects could free the European Union of the risks posed by disputes between Russia and Ukraine, through which 80 percent of Russian gas currently passes on its way to Europe. At the start of January, Russian gas was cut off to countries across Europe in the depths of winter because of a gas dispute between Russia and Ukraine. Valery Nesterov, an analyst at Troika Dialog investment bank, said South Stream was better and more profitable for Europe than for Russia, as Gazprom was taking on most of the financial burden. "(Moreover) there can be no independence from Russia, because Russia is a neighbour to Europe," Nesterov said. "Europe needs gas ... and Russia has an interest in stabilising and growing its gas exports." Recommend Send IM Story Print News Search Top Stories Commercial real estate woes imperil US recovery British PM vows law to crackdown on banker bonuses Paris rampage after cash giveaway cancelled: police France, Brazil unveil policy for climate conference: Sarkozy Slovenia signs up to Russia-Europe gas pipeline More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Wall Street eyes US consumer to keep rally going Strain of Afghan war hits morale of US troops: Army Recession ends across Europe 'Catastrophic' e-waste fuels global toxic dump: experts Peru president cancels Chile talks over spy row More Most Viewed » Somali centenarian weds 17-year-old Fibre may keep asthma, diabetes at bay, study finds More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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