A technical and economic assessment of the South Stream gas project will be ready in February 2011 and the pipeline will go into operation at the end of 2015. Russia has already signed intergovernmental agreements with Bulgaria, Serbia, Hungary, Slovenia and Croatia to implement the onshore part of the project.
Russia guarantees energy security for Europe through the development of new gas transit capacities, Russian Prime Minister Dmitry Medvedev said.
Speculation that the proposed Russian-Turkish gas pipeline could be extended into Greece as part of a plan to supply Europe with gas has heightened with a meeting between the chief of Russian gas company Gazprom and Greek government officials in Athens.
Russian President Vladimir Putin and Turkish President Recep Tayyip Erdoğan discussed bilateral cooperation with the focus on joint projects in the energy sector, including the 'Turkish Stream' pipeline.
Saipem, a subsidiary of Italian energy company Eni has announced that it had been officially notified of contract termination from South Stream Transport BV.
The decision to cancel the South Stream gas pipeline construction is final, Russian energy minister said Thursday.
The chairman of Bulgaria's Attack party blames the United States and the European Union for using Bulgaria as a pawn in geopolitical games against Russia. He states that Sofia had to terminate the construction of the South Stream pipeline under Washington's pressure.
Two ranking US senators expressed their pleasure with the termination of the South Stream project and also noted that it would be a "setback" to Russia.
According to experts, the termination of the South Stream project is Russian tool to deal with Europe, because its dependence on Russian oil and natural gas is a potentially powerful strategy.
The US National Security Adviser stated the termination of the South Stream project is an indicator of the great price, the country pays for its policy.
According to a US National Security Council spokesperson, Russia's decision to stop the South Stream project was reasoned by pressure on Russia from different factors, including sanctions.
The Ukrainian Ministry of Foreign Affairs has stated that Ukraine is glad to see that Russia's South Stream project on gas supply to Europe has been abandoned due to the EU critical stances toward it.
According to a Hungarian analyst, Europe's opposition to the pipeline project has eventually led to the current crisis and will hit hard certain states, but also expressed his hope that the decision is not final.
The "failure" of the South Stream project is a sign of Europe's recovery from its dependence on Russian gas, the spokesperson for the Ukrainian Foreign Ministry said Tuesday.
Russia would be the last in line to suffer from the failure of the project to bring natural gas to central and southern Europe via a new route, a political expert with the University of Zagreb, Croatia, said.
Bulgaria has a chance to win back its energy independence by implementing three gigantic projects: Burgas-Alexandroupoli, South Stream and Belene, the former Bulgarian energy minister said.
According to a source in the European Commission, Bulgaria will not receive any compensation for the South Stream gas pipeline project cancellation.
Cancellation of the South Stream gas pipeline project spells a disaster for the Baltic States, as well as Bulgaria, Serbia, Hungary and Austria, the marketing director of Czech gas company said.
Bulgarian lawmaker hopes that it is still possible to reach an agreement with the European Commission on the South Stream gas pipeline project.
The press officer of the European Commission (EU) stated Tuesday that the EU's position on South Stream project remained unchanged and added that all gas pipelines in Europe "must be built in line with EU legislation."
The construction of South Stream gas pipeline would create a lot of jobs and bring profit to Serbia. The project's cancellation under the European Commission's pressure deprived the country of it, the Serbian Gas Association Assembly chief stresses.