The South Stream natural gas
project carrying energy from Russia to Europe is of "strategic"
importance, Industry Minister Federica Guidi said Monday.
"I still think South Stream is a strategic...interesting
project," Guidi said, adding she will press for its approval as
it moves through various stages of compliance with the European
Union.
During meetings with the European Competitiveness Council,
Guidi said the project must be viewed in the context of
diversifying energy sources for Europe and should be adopted
"quickly".
She added that North Africa could also become a significant
source of energy for Europe, and Italy would be "an ideal hub"
for future imports to the continent.
Russian energy giant Gazprom is the majority shareholder in
the South Stream natural gas pipeline project, which it is
building along with Italian state-controlled energy conglomerate
Eni.
The South Stream pipeline is designed to begin to carry
Russian gas to southern Europe by 2015 and reaching full
capacity in 2018.
The pipeline will bypass Ukraine, a country which is at the
centre of a major dispute with Russia and which has recurrent
disagreements over energy with Moscow.
Italy's Saipem, Europe's largest oil-service provider and
an Eni subsidiary, recently reached a two-billion-euro contract
with Gazprom to extend the South Stream pipeline under the Black
Sea.
But there have been concerns that, with political tensions
between Europe and the United States with Russia over the crisis
in Ukraine, economic sanctions could hit energy exporters
including Gazprom.
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