South Stream a 30-year agreement The Greek government on Wednesday unveiled the basic points of an Energy Agreement signed between Greece and Russia for the construction and operation of the South Stream natural gas pipeline on Greek territory.
The Greek section of the natural gas pipeline will begin from the Greek-Bulgarian borders carrying natural gas to Italy. The agreement will have an initial duration of 30 years, carrying around 10 billion cubic metres of natural gas annually. Greece will absorb part of this quantity and will also receive transit fees. Under the agreement, Gazprom and Desfa will soon sign an agreement to set up a joint venture to take over construction and operation of the natural gas pipeline.
The Energy Agreement seeks to upgrade energy security in Europe, supports the creation of a new natural gas pipeline system from the Russian Federation through the Black Sea, to supply Greece and other European countries.
It also seeks to create the necessary conditions to plan, build and operate this system according to national legislations and international treaties. Under the plan, the new company will be preferably based in Greece, with both parts sharing an equal 50 pct.
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