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GAZPROM

December 30, 2011

Ukrainian gas transmission system may cost more than South Stream construction

Alexey Miller, Chairman of the Gazprom Management Committee reported today to Vladimir Putin, Prime Minister of the Russian Federation on the negotiations with Ukraine in the gas sector and, in this regard, on the South Stream project implementation.

According to Alexey Miller, Ukrainian partners estimate that the Ukrainian gas transmission system will cost USD 20 billion. In addition, the GTS upgrade, according to various estimates, will require another EUR 2–3 to 7–8 billion. Moreover, the Ukrainian party insists on the Russian gas price discount, which will cost Gazprom some USD 9 billion a year.

While the South Stream project is estimated to cost EUR 16.5 billion, EUR 10 billion out of this amount will be spent on the offshore section and EUR 6.5 billion – the onshore section.

Vladimir Putin ordered to continue negotiations with Ukrainian partners, “on the assumption that Ukraine has always been, it is and, I hope, will remain a strategic partner of ours”, yet to speed up the South Stream project execution. And to start constructing it as early as in 2012, instead of 2013.

 

 

 

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