Hungary to start work on South Stream pipeline

Hungary to start work on South Stream pipeline

Published at: 2014-11-21 10:49 | Author: CIJ Journal
Despite mounting pressure from the EU and US to cut ties with the Kremlin, Hungary confirmed plans to start construction on its section of the Russian-backed South Stream pipeline in 2015. Politicians in Brussels and Washington are concerned that the $40bn pipeline project, which will deliver natural gas from Russia to Europe, will strengthen Russia’s grip on European gas supplies. But Hungary argues that there is no other option after the EU-backed Nabucco pipeline failed to materialize. The Nabucco project would have piped gas into Europe from Azerbaijan.

“Nabucco will not be built and after nearly 10 years of hesitation, and especially in light of the Ukraine situation, we need to act. This is a necessity,” Hungarian Energy Minister Andras Aradszki told Reuters. “Everybody singles out Hungary, but we forget that since 2013 Croatia has failed to do the investments enabling the flow of gas from Croatia towards Hungary. The same applies to Romania.”
Gazprom’s South Stream pipeline is expected to deliver about 64 billion cubic meters of gas to Europe. Hungary plans to have its section of the pipeline completed by 2017.

Similar Stories:

Czech billionaires turned on by energy storage investments
Czech business moguls have discovered the world of grid energy storage facilities and seem  »
EBRD to provide €4m to North Macedonia
The European Bank for Development and Reconstruction will provide €4m for green energy i  »
Project Geothermae named as strategic investment for Croatia
The Croatian Government has declared the geothermal project AAT Geothermae in Međimurje t  »
New investment for high quality power supply in Montenegro
Over the next two months, six power lines in Montenegro will be reconstructed at a cost of  »
Energoprojekt as investor is obliged to build a 40,000 sqm railway station, which includes   »