South Stream rises in price by 47%

The cost of construction of the South Stream gas pipeline has increased by 47% as compared to the first estimates to 23.5 billion euro ($29.7 billion), Interfax reports, referring to the first deputy head of the financial and economic department of Gazprom, Alexandera Ivannikova.

According to the company’s manager, announced it during the 4th St. Petersburg International Gas Forum, at the moment the cost of the offshore section of the South Stream pipeline is 14 billion euro, and the European part - 9.5 billion euro. Previously, the value of the offshore section was estimated at 10 billion euro, and the European part – at 6 billion euro.

The official representative of the company-operator of the South Stream Transport project Jasper Jansen also says about the increase in the cost of works on laying South Stream, without giving specific figures.