Russian energy giant Gazprom and Hungary...
Russian First Deputy Prime Minister Viktor Zubkov, who heads the Gazprom board of directors, will visit the country on January 29 and attend the signing of an agreement on a joint venture to oversee the construction of the Hungarian section of the pipeline, which is planned to pump 31 billion cu m of gas from Russia to Europe, bypassing Ukraine.
Zubkov"s spokesman said on Thursday the agreement will be "the last in a series of organizational documents" needed to begin the construction of the ambitious pipeline which is part of Russian efforts to diversify energy supply routes cutting dependence on current transit nations.
South Stream, to be laid on the Black Sea floor and run across Bulgaria, Serbia, Hungary, Italy and Greece, is a rival project to the EU-backed Nabucco pipeline, which would bypass Russia.
Gazprom reportedly plans to inaugurate South Stream, whose capacity could eventually be increased to 63 billion cu m, in late 2015.