Brussels hosted today the South Stream project presentation attended by the representatives of the EU authorities, European energy and regulatory agencies, expert community and mass media.

Among those who delivered speeches at the event were Gunter Oettinger, European Commissioner for Energy, Sergey Shmatko, Russian Energy Minister, Alexey Miller, Chairman of the Gazprom Management Committee, Paolo Scaroni, Chief Executive Officer of Eni, and heads of other European energy companies – partners in construction of the transnational gas pipeline: Kurt Bock, Chairman of the Board of Executive Directors of BASF, Bruno Lescoeur, Senior Executive Vice President of EDF, Maya Hristova, Executive Director of Bulgarian Energy Holding and Marjan Eberlinc, President of the Board of Geoplin Plinovodi.

Marcel Kramer, Chief Executive Officer of South Stream, made a detailed presentation of the project to the audience. Besides dwelling on the prospects for gas demand growth and diversification of its supply routes to the EU, the role of natural gas as a key fuel for sustainable development in Europe, the presentation also touched upon following issues: timeline and economic benefits generated by South Stream, safety and environment control during construction and operation of the pipeline, desirable conditions of its regulatory framework.

“Creation of a new long-distance gas pipeline system is a massive project requiring substantial amounts of capital. If companies aiming to implement such projects are deterred from initiating them or face restrictions over the returns they can expect on their investments, the result will be detrimental, above all, to the interests of European consumers,” said Sergey Shmatko.

“Having united many European countries around itself, the South Stream project will not merely eliminate current deficiencies in the development of the region's gas infrastructure but will also contribute to further regional collaboration.

Thanks to the highly professional and organized efforts of all project partners today we see the South Stream not as an idea or a starting project, but as the construction site that is being prepared and concrete plan of actions,” noted Alexey Miller.

“South Stream has all the ingredients to become a success. There is gas to fill the pipeline and the required demand from customers. With our partners we have the experience, know-how and the financial strength to move this project forward, and we are doing so. By now, South Stream has made good progress on several fronts: with the Consolidated Feasibility Study being completed as well as with BASF / Wintershall Holding joining the construction of the gas pipeline offshore section,” said Marcel Kramer.

On the same day Alexey Miller held a meeting on the South Stream project execution. Among the meeting participants were Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, Leonid Chugunov, Head of the Gazprom Project Management Department, Pavel Oderov, Head of the International Business Department and Marcel Kramer.