Gazprom investments into South Stream Jan-Sept 2014 amount to $ 502 million

January 30, 2015 1:54 am 

MOSCOW, Jan. 29 — Gazprom investment into the South Stream project in January-September 2014 amounted to US$ 502 million (33.7 billion rubles), the company report says.

At the beginning of 2014, the amount of investment was estimated at US$ 103.5 million (7 billion rubles).

Gazprom's net loss from participating in the project is estimated at US$ 31 million (2.1 billion rubles) for the end of the reporting period.

South Stream is Gazprom's global infrastructure project for the construction of gas pipelines, with capacity of 63 billion cubic meters. It was slated to go across the Black Sea to South and Central Europe, in order to diversify export routes for natural gas and lower transit risks.

However, on December 1, 2014 Russian President Vladimir Putin announced that "under current circumstances, Russia will not implement the South Stream project."

In turn, head of Gazprom Alexey Miller said that that "South Stream project is no longer relevant." "That's it, the project is closed," he said, while commenting the Russian-Turkish summit talks. (PNA/TASS)

LAM/RSM

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