South Stream has increased in price by Euro 7.5 billion after the tenders

The construction of the South Stream pipeline has increased in cost by Euro 7.5 billion, from Euro 10 billion to Euro 14 billion after the tenders, including from Euro 6 billion to Euro 9.5 billion in the European part, the Vice Director of the Financial and Economic Department of Gazprom, A. Ivannikov says. The fprevious cost estimate was evaluated at 16 billion rubles, but after the tenders it increased by 47% to 23.5 billion rubles. When Gazprom’s top-managers made the initial evaluations of the project they emphasized that the real price would be determined after the execution of all tenders.