Novinite: South Stream Cost Swells to EUR 16 B

The construction of the South Stream gas pipeline will cost EUR 16 B, not EUR 15.5 B, as initially planned, according to Alexey Serebryakov, First Deputy Head at Gazprom's Project Management Department.

In an interview cited by Bloomberg, Serebryakov specifies that only initial cost estimates are available, while the final price tag will become clear in mid-July, when the tenders for the construction of the pipeline will be over.

The cost of the Black Sea underwater section of the pipeline remains at EUR 10 B, but the overland sections will cost EUR 6 B rather than EUR 5.5 B, as initially planned.

Serbia and Hungary have already adopted the final investment decisions on the South Stream project.  MORE