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08/01/2015

The Scrapped Pipeline Project (II) (South stream becomes Turkish Stream)

Filed under: Uncategorized — grypa666 @ 23:13

From: German-Foreign-Policy <newsletter@german-foreign-policy.com>
Date: January 8, 2015 2:48:09 AM PST (CA)
Subject: Newsletter 2015/01/07 – The Scrapped Pipeline Project (II) (South stream becomes Turkish Stream)

Newsletter 2015/01/07 – The Scrapped Pipeline Project (II)

MOSCOW/BERLIN (Own report) – Berlin and Brussels must cope with a
growing amount of damage from Moscow’s cancellation of the South
Stream pipeline project. For subcontractors, who had expected
profitable business deals from this project, the cancellation also
means losses in the millions. The BASF subsidiary, Wintershall has no
hope of moving up “into in the major leagues of global gas producers,”
predict media reports, since its conceptual project linked to South
Stream fell through. On December 1, Russian President Vladimir Putin
announced that the South Stream pipeline project was being scrapped,
due to the numerous obstructions imposed by Brussels. A pipeline
crossing Turkish territory (“Turkish Stream”) to the Greek border will
now replace South Stream, which would have supplied gas from Russia,
via the Black Sea, to Bulgaria and, from there, to several EU
countries. Besides confronting the immediate economic damage, to
secure its gas supply, in the future, the EU will be forced to
negotiate also with Ankara, rather than solely with Russia. Efforts to
pipe gas from the Caspian Basin, bypassing Russia, to Europe via
Turkey, have also suffered a setback.

more
http://www.german-foreign-policy.com/en/fulltext/58815

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