Russia will provide €1.7 billion to finance the construction of Serbia’s stretch of the South Stream gas pipeline that will carry Russian natural gas through the Black Sea to Bulgaria and then on to Greece, Italy and Austria, President Vladimir Putin said on Friday cited by Ria Novosti. On May 15, 2009 Gazprom and Srbijagas signed the Basic Agreement to setting up a joint venture to carry out a feasibility study and to build the Serbian section of the gas pipeline with the minimum annual capacity of 10 billion cubic meters of natural gas, as well as, to operate it as part of the South Stream gas pipeline system creation. South Stream Serbia AG is a 51%-49% joint project company of Gazprom and Srbijagas. The South Stream gas pipeline plans to carry about 63 billion cubic meters a year natural gas.
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