Russian state-controlled gas producer OAO Gazprom (GAZP.RS) will significantly speed up the South Stream gas pipeline to Europe and plans to begin construction in December this year, the company said Friday.

The decision to start construction of the pipeline, which is envisioned to carry up to 63 billion cubic meters of Russian gas to Europe a year, ahead of plan was taken at a meeting between Gazprom Chief Executive Alexei Miller and Russian Prime Minister Vladimir Putin.

Gazprom had originally planned to begin building South Stream in 2013.

The pipeline is seen as a rival project to the European Union-backed Nabucco gas pipeline.
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