The South Stream project is aimed at strengthening the European energy security. It is another real step toward executing the Gazprom strategy to diversify the Russian natural gas supply routes. The new gas pipeline system meeting the latest environmental and technological requirements will significantly raise the energy supply security of the entire European continent.

Experts agree that in the middle and long term gas consumption will grow in the European Union. By 2020-2025 Europe will additionally demand some 200 billion cubic meters of gas per annum. The countries which used to consume moderate amounts of gas for industrial purposes are likely to guide their economies towards its increased utilization, since coal, fuel oil and nuclear power are less environmentally-friendly if compared to natural gas.

Thus, the main issues of the European energy security are building-up gas supplies and eliminating transit risks. These very criteria are fully met by Russia’s initiatives related to the North Stream and South Stream pipelines construction. A joint energy policy pursued by Russia and the EU is based on developing alternative offshore gas supply routes bypassing the transiting countries. Another integral part of the policy is the implementation of the Gas Ring project approved by the EU in November 2008.

The major objective of the South Stream project is meeting the additional demand for natural gas in Europe. Gazprom backs the EU’s opinion that the so called South Corridor is of an increasing importance for the European gas market.

Diversification of routes and implementation of joint projects to construct new offshore pipeline systems are vital elements of the new architecture of the European energy security.

At the same time Russia does not object to the construction of such pipelines as Nabucco which runs though Transcaucasia and Turkey, since Europe’s estimated demand for additional gas volumes make it possible that multiple projects are implemented at the same time provided that the appropriate resource base is available.