EC will look for alternatives to South Stream

The European Commissioner on Energy Union, Maroš Šefčovič, said on the sidelines of a meeting of the Council of the EU at the level of energy, transport and telecommunications ministers, that the European Union will explore alternative energy projects to South Stream.

"We need to explore alternatives to South Stream, options to ensure energy supply. The most important projects must be completed as soon as possible," Šefčovič is quoted by TASS.

In Brussels in the near future an informal meeting of Šefčovič with ministers of Bulgaria, Hungary, Slovenia, Austria, Croatia, Italy, Greece and Romania will be held, dedicated to discussing the refusion of South Stream.

The European Commission intends to allay the fears of the southern countries of the community in accordance with energy security and the lack of supply of hydrocarbons. It will, in particular, confirm that one of the priorities of its activities for the next five years will be boosting construction works of internal European gas infrastructure. These pipelines should link the southern countries of the EU with central and western states of the community in order to create a "single gas market" and to ensure gas flow in different directions, depending on the needs of the different regions of Europe. The problematic issue of financing of these projects is not planned to be raised today.

In addition, Šefčovič had to rule out any possible compensation from Brussels in connection with the breakdown of the construction of South Stream.

"The EC does not provide compensation for failed projects with third countries," his representative said earlier.