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South Stream gas pipeline project defunct: Russia

South Stream gas pipeline project defunct: Russia
Kremlin spokesman says South Stream project is no longer feasible and will not go aheadrn

Russia's presidential spokesman Dmitry Peskov said Friday the South Stream natural gas project is officially obsolete and no further endeavors will be made to progress the project.

"Work will not continue on the project as it was stopped with regards to the position taken by the European Commission," Peskov said according to Russian RIA Novosti agency.

Peskov added that the European Commission did not change their stance with regards to the project declaring it in contravention of EC competition rules.

Alexey Miller, CEO of Gazprom, announced that Russian President Vladimir Putin had canceled the construction of South Stream Natural Gas Pipeline in December 2014. Putin laid the blame on the European Union for axing of the project.

After terminating the project, Putin said that Gazprom would build a 63 billion cubic meter (bcm) capacity natural gas pipeline to Turkey, bypassing Ukraine and naming the project the Turkish Stream.

However, the Turkish Stream pipeline project, which was planned to carry Russian natural gas to Europe through Turkey, was cancelled by Turkey.

Talks between Russia and Ankara were suspended over the Turkish Stream project as proceedings on an intergovernmental agreement were not approved by Turkey while Gazprom's Miller claimed that Turkey did not present Russia with a proposal on the project.

The Russian-proposed project was initially planned to carry natural gas from Russia under the Black Sea to Turkey's Thrace region to reach Greece and further deliver gas to Europe.

However, in October this year, Gazprom announced that the capacity would be decreased to almost half the original amount to 32 bcm per year.

Following the downing of a Russian fighter jet after it had violated Turkish air space despite multiple warnings from the Turkish military, relations between the two countries soured rapidly, kicking off some Russian economic measures against Turkey.

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