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Germany's BASF joins South Stream pipeline

Germany's BASF joins South Stream pipeline

Russian Prime Minister Vladimir Putin says that Germany's BASF AG has joined the South Stream gas pipeline that will carry Russian gas to southeastern Europe.
Putin said in televised remarks Monday that BASF's participation in the project was a "sign of stability" on the energy market.
Deputy Prime Minister Igor Sechin was quoted by the Itar Tass news agency as saying that BASF will invest (EURO)2 billion ($3,1 billion).
South Stream will transport up to 63 billion cubic meters ($2.2 trillion cubic feet) of Russian natural gas a year under the Black Sea to Bulgaria and on to other countries when it comes online in 2015.
The pipeline will deal a blow to the rival Nabucco pipeline, which is supported by the U.S. and the European Union.


Updated : 2021-04-17 23:35 GMT+08:00