Energy Minister estimates South Stream project cost
According to a preliminary estimate given by Russia's Energy Minister Sergei Shmatko during a meeting with Italy's Economic Development Minister Claudio Scajola on Monday, some $20bn worth of investment is necessary to implement the South Stream gas pipeline project, the Energy Ministry's press office reported according to RBC. Shmatko noted that Russia was currently engaged in political promotion of the project, which could certainly play an important role in ensuring energy security. In early 2008, Paolo Scaroni, the head of Italy's ENI, a participant of the project, estimated the cost of the pipeline at more than $10bn.
Shmatko has also discussed the matter with Greece's Development Minister Christos Folias, the Energy Ministry's press office said. The parties plan to carry out a marketing research and a feasibility study of the project by the end of 2008 and a justification of investments by the end of 2009.