Russia has scrapped the proposed South Stream natural gas pipeline project citing objections from the European Union (EU).
The project was announced in June 2007 to transport around 63 billion cubic metres Russian natural gas across Europe via Bulgaria to Italy.
Construction of the Russian section of the pipeline started in December 2012.
Work on the Bulgarian section started in October 2013 but was stopped in June 2014 following pressure from the EU.
The pipeline was planned to be a direct competitor to part of the planned extension of the existing Blue Stream pipeline which runs from Turkey across Europe through Bulgaria and Romania to Hungary.
Russia President Vladimir Putin was quoted by BBC as saying: "Taking account of the fact that until now we have not received permission from Bulgaria, we believe that in the current conditions Russia cannot continue with the realisation of this project.
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By GlobalData"If Europe does not want to carry out (South Stream), then it will not be carried out, We are now going to focus our energy resources in other directions."
The EU and US have imposed sanctions against various Russian officials and firms over its involvement in the Ukraine crisis.
Russia Finance Minister Anton Siluanov has recently said the country faces losses of about $140bn a year due to lower oil prices and sanctions imposed on it.
Image: Russia President Vladimir Putin. Photo: Courtesy of Russian Presidential Press and Information Office.
https://www.hydrocarbons-technology.com/news/news-bulgaria-stops-work-on-south-stream-natural-gas-pipeline-project-4289306/
