Montenegro joins South Stream

Gazprom and Montenegro have initiated feasibility studies of the South Stream Pipeline, RIA Novosti reports.

Montenegro expressed interest in the project in October 2011 without giving details on participation. The schedule of construction developed by Gazprom will be presented to the Board of South Stream Transport AG in February, construction will start in December 2012, not 2013, as planned earlier. Russian Prime Minister Vladimir Putin ordered the process to speed up.

Gazprom said in November 2010 that the pipeline may be launched four months earlier than planned in December 2015.

Vestnik Kavkaza reported earlier that Turkey approved construction of South Stream along the Black Sea on December 28, 2011. Paolo Skaroni, General Manager of Eni, a participant in the project, said in September that the final investment decision would be made in the second half of 2012.

Russia signed agreements for construction with Bulgaria, Serbia, Hungary, Greece, Slovenia, Croatia and Austria. Its shareholders are Gazprom (50%), Eni (Italy, 20%), Wintershall (Germany, 15%) and EdF (France, 15%).

The pipeline will consist of 4 sections, each transporting 15.57 billion cubic meters. It is planned to be launched in December 2015 with a full cap of 63 billion cubic meters in 2018. The project is worth about 15.5 billion euros, 10 billion of the sum will be spent on the sea section and 5.5 billion on the ground section.