Russia’s South Stream pipeline

Russia’s South Stream pipeline

Russia’s $40 billion South Stream gas pipeline project has fallen victim to plunging energy prices, stalling European demand and the political standoff between the European Union and Moscow over the crisis in Ukraine.

Russia on Monday said it had scrapped the project to supply gas to Europe without crossing Ukraine, citing EU objections, and named Turkey as its preferred partner according to news reports.

Istanbul hosted a working meeting with Alexey Miller, Chairman of the Gazprom Management Committee, Recep Erdogan, President of the Republic of Turkey and Taner Yildiz, Turkish Minister of Energy and Natural Resources.

The parties addressed a whole range of issues concerning bilateral cooperation in the gas sector.

Oil and Gas Press