Gazprom Announces 47% Price Spike for South Stream Gas Pipeline
Friday, 10 October 2014
Alexander Ivannikov, First Deputy Head of the Department for Finance & Economics at Gazprom, has announced a major spike in the cost of the South Stream gas pipeline.
Ivannikov, as cited by Interfax and Bulgaria’s Focus news agency, made clear Thursday that the cost of the offshore section of the South Stream gas pipeline had increased to 14 bln euros from a rate of 10 bln euros, while the price tag of the European section of the conduit had been revised to 9.5 bln euros from a rate of 6 bln euros.
The latest calculations entail a 47% price spike to 23.5 bln euros.
The overland section of the gas pipeline on Bulgarian territory is to cost no less than 3.7 bln levs, excluding the cost of the pipes, according to recent estimates of South Stream Bulgaria.
South Stream Transport is to build the offshore section of the gas pipeline from the Russian town of Anapa to Karadere area on the Bulgarian Black Sea coast.