Plans to
build the South Stream natural gas pipeline project moved forward
yesterday with the signing of a deal in Moscow for the Greek leg of the
energy project. Russian gas giant Gazprom and Greece's grid operator
DESFA signed a deal to build the Greek section of the Russian-led gas
pipeline, the companies said in a joint statement.
Under the deal, the
two firms formed an equally owned joint venture that will be in charge
of 'designing, financing, constructing and maintaining the gas pipeline
in Greece,' the companies said.
Developed by Gazprom with Italy's Eni,
the South Stream pipeline project is seen as crucial to Russia's efforts
to retain its domination of gas supplies to the European continent.
Greece joined the South Stream project in 2008. South Stream is a rival
to the European Union-backed Nabucco pipeline, which is aimed at
reducing the member countries' dependence on Russian supplies.