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Russia Asks France To Help Secure European Backing For South Stream

Russia Asks France To Help Secure European Backing For South Stream
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Παρ, 18 Νοεμβρίου 2011 - 18:20
Russia has asked France for help to secure European backing for the South Stream gas pipeline project, countries' prime ministers Vladimir Putin and Francois Fillon said Friday in a joint declaration.
Russia has asked France for help to secure European backing for the South Stream gas pipeline project, countries' prime ministers Vladimir Putin and Francois Fillon said Friday in a joint declaration.

Russia 's South Stream pipeline--envisioned to carry up to 63 billion cubic meters of Russian natural gas under the Black Sea to Europe starting 2015--has failed to gain backing in Brussels , as it is seen as a rival project to the European Union-backed Nabucco pipeline.

New EU rules known as the Third Energy Package are pushing for more competition in Europe 's energy market, but have sparked tensions with Russia , as Moscow believes they undermine its own investments in the 27-nation EU, including the South Stream project.

Russia asked France to help include South Stream into a list of "projects of European interest," said the joint declaration by Russian Prime Minister Vladimir Putin and his French counterpart Francois Fillon.

The South Stream project would need exemptions from the Third Energy Package, which doesn't contain clear guidelines on import infrastructure. Russia has yet to formally submit a request for Third Energy Package exemptions.

The pipeline is expected to run under the Black Sea from the Russian coast to the Bulgarian city of Varna , where it is expected to branch out into two sections. One of the sections is expected to run to Italy and the other to Austria .

Russian natural gas giant OAO Gazprom (GAZP.RS) owns 50% in the South Stream project, while Italy 's Eni SpA (E) holds 20%, Electricite de France SA (EDF.FR) and Germany 's Wintershall AG own 15% each.
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