ANKARA—Russia on Monday scrapped the South Stream pipeline project to supply gas to southern Europe without crossing Ukraine, citing EU objections, and instead named Turkey as its preferred partner for an alternative pipeline, with a promise of hefty discounts. The EU, at loggerheads with Moscow over Ukraine, and keen to reduce its energy dependence on Russia, had objected to the $40 billion South Stream pipeline, which was to enter the EU via Bulgaria, on competition grounds. The proposed undersea pipeline to Turkey, with an annual capacity of 63 billion cubic meters (bcm) – more than four times Turkey’s annual purchases …read more
Source: Egylovers
