ENI executive: Gas pipelines of Southern Europe unite

Both Nabucco and South Stream, the two pipeline projects competing to bring Caspian gas into Europe, should combine to cut costs and increase profits, the chief executive of Italian energy firm ENI, Paolo Scaroni, was quoted as saying on March 10.
ENI, along with Russia's Gazprom, are the two companies behind South Stream, a project seen in some circles in the European Union and the US as Russia's attempt to undermine Nabucco, which is designated a strategic project by the EU.
"What we have here is what bankers call a strategic fit," Scaroni said told a conference in Houston, as quoted by Bloomberg. "Should all partners decide to merge the two pipelines for part of the route, we would reduce investments, operational costs and increase overall returns.
Despite repeated political reassurances that the two projects were not in direct competition, Gazprom has repeatedly slighted Nabucco, calling it a political project with no economic grounding. Nabucco's apologists have answered in kind, saying that South Stream would not help lessen Europe's reliance on supplies from Russia.
South Stream, projected to pump 63 billion cubic metres a year, would cross the Black Sea and land in Bulgaria, where it would split into a branch to Greece and another one passing through Serbia and Hungary on the way to Italy.
Nabucco would pass through Turkey, Bulgaria, Romania, Hungary and Austria. The project is more advanced than its rival, but is yet to firmly secure gas contracts.

Text source: novinite.com

Image: reuters

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