MOSCOW (Sputnik) — In late 2014, Moscow announced the cancellation of the South Stream gas pipeline, intended to traverse the Black Sea to deliver Russian natural gas through Bulgaria, Serbia, Hungary and Slovenia to Italy and Austria.The project was scrapped because of Russian-EU disagreements provoked by the European Union's third energy package, which prohibits companies from both owning the gas and operating the pipeline.
"I think I will never lose hope that we will be able to implement this project. Judging by the way the situation is developing in the EU, and how often they are violating their own agreements, I have started hoping that perhaps they will abandon their principles, which are preventing the construction of the South Stream gas pipeline. Especially, considering that at least seven or eight EU states would directly benefit from the South Stream," Nikolic said.
The Turkish Stream pipeline was expected to run below the Black Sea from Russia to Turkey and continue to a hub on the Turkish-Greek border, from where the gas could be transferred to Southern Europe.
