Putin: South Stream to Move Quickly

Russian Prime Minister Vladimir Putin has stated that the South Stream pipeline will be constructed as quickly as the progress occurring at the  Nord Stream pipeline.

"We have already begun laying the [Nord Stream] pipeline at the bottom of the Baltic Sea; the next year gas will enter. We will do everything as quickly for South Stream," Putin said.

He commented that the Nabucco pipeline project, the major rival to South Stream, has little chance of success.

"Nabucco's major problem is a lack of guaranteed volumes [of raw materials], and no source to fill this system," Putin said.

"Russia will not deliver anything there, Iranian deposits are not explored, and Azerbaijan's volumes are small. Moreover, Azerbaijan has signed a delivery contract with Russia," Putin said.

Putin did not however, completely rule out the realization of Nabucco, especially if massive investment was forthcoming.

Source: RIA Novosti