advertisement
Thu, Feb 09 2012
ENI executive: Gas pipelines of Southern Europe unite
Both Nabucco and South Stream, the two pipeline projects competing to bring Caspian gas into Europe, should combine to cut costs and increase profits, the chief executive of Italian energy firm ENI, Paolo Scaroni, was quoted as saying on March 10.
ENI, along with Russia's Gazprom, are the two companies behind South Stream, a project seen in some circles in the European Union and the US as Russia's attempt to undermine Nabucco, which is designated a strategic project by the EU.
"What we have here is what bankers call a strategic fit," Scaroni said told a conference in Houston, as quoted by Bloomberg. "Should all partners decide to merge the two pipelines for part of the route, we would reduce investments, operational costs and increase overall returns.
Despite repeated political reassurances that the two projects were not in direct competition, Gazprom has repeatedly slighted Nabucco, calling it a political project with no economic grounding. Nabucco's apologists have answered in kind, saying that South Stream would not help lessen Europe's reliance on supplies from Russia.
South Stream, projected to pump 63 billion cubic metres a year, would cross the Black Sea and land in Bulgaria, where it would split into a branch to Greece and another one passing through Serbia and Hungary on the way to Italy.
Nabucco would pass through Turkey, Bulgaria, Romania, Hungary and Austria. The project is more advanced than its rival, but is yet to firmly secure gas contracts.
ENI, along with Russia's Gazprom, are the two companies behind South Stream, a project seen in some circles in the European Union and the US as Russia's attempt to undermine Nabucco, which is designated a strategic project by the EU.
"What we have here is what bankers call a strategic fit," Scaroni said told a conference in Houston, as quoted by Bloomberg. "Should all partners decide to merge the two pipelines for part of the route, we would reduce investments, operational costs and increase overall returns.
Despite repeated political reassurances that the two projects were not in direct competition, Gazprom has repeatedly slighted Nabucco, calling it a political project with no economic grounding. Nabucco's apologists have answered in kind, saying that South Stream would not help lessen Europe's reliance on supplies from Russia.
South Stream, projected to pump 63 billion cubic metres a year, would cross the Black Sea and land in Bulgaria, where it would split into a branch to Greece and another one passing through Serbia and Hungary on the way to Italy.
Nabucco would pass through Turkey, Bulgaria, Romania, Hungary and Austria. The project is more advanced than its rival, but is yet to firmly secure gas contracts.
-
Print
-
Send via email
- Translate to
-
Share:
Comments
To post comments, please, Login or Register.
Please read the The Sofia Echo forum comments policy.
EIB, EBRD and IFC start appraisal of Nabucco pipeline
Nabucco, the new gas bridge from Asia to Europe, will directly connect the world’s richest gas regions. The pipeline will link the Eastern border of Turkey to Baumgarten in Austria - one of the most important gas turntables in Central Europe - via Bulgaria, Romania and Hungary.
Squabble Stream
For once, Bulgaria’s reluctance on South Stream takes a back seat as tensions between Gazprom and Eni rise
Nabucco pipeline seen operational in 2018 - report
European Union-backed gas pipeline Nabucco was likely to begin operations in 2018, European Commissioner for energy Guenther Oettinger told Sueddeutsche Zeitung.
Europe and Central Asia facing energy crunch - World Bank report
The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe, the report says.
Dimitar Abadjiev to represent Bulgaria in the Nabucco Gas Pipeline International company
Dimitar Abadjiev is Bulgaria’s nominee to become a board member of the Nabucco Gas Pipeline International company
More in this category
Murky digital future
The switch to digital television broadcasting in Bulgaria cannot progress before a transition plan is approved
Tight circle
Bulgarian Government doing its best to drive strategic investors away from BDZ Cargo privatisation
Bulgarian telecom firm offers compensation after network disruption
Services at several banks in Bulgaria were disrupted because of the network disruption which lasted several hours on February 6 2012.
Malév airline grounds all flights after running out of cash
Some passengers entitled to rerouting, the Hungarian airline says, announcing a shutdown after 66 years of operations.
Road less travelled
As debate in Bulgaria heats up on the issue of shale gas exploration, a view against fracking from an environmental campaigner.
Appointments
British Council
Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.
CEZ
Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.
BASF Bulgaria
Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.
Rompetrol Bulgaria
Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.
© 2000-2012, Sofia Echo Media Ltd.
Web Design by RIZN
Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted.
Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only
with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site.
Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com.
Sofia Echo Media cannot be held responsible for the statements contained in visitor comments.
The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the
price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes,
and should not be used as a basis for decisions about buying or selling stock options.
- Economedia Group portfolio:
- In Bulgarian:
-
Business:
Капитал,
Кариери,
Пазари,
Ho Re Mag,
Регал,
Градът.bg,
Одит,
Foton.bg,
Online shop
- News: Дневник, Европа, Foreign Policy - България
- IT: IDG.BG, Computerworld, PC World, CIO, Networkworld
- Entertainment: Бакхус
-
In English:
The Sofia Echo
Yeah Десен call me crazy and dumb and that'll win you the argument.
1. Ukraine: Don't know what "medication" has to do with the fact that the Americans would love to see Ukraine in NATO and in fact Bush did speak of it, with much support from their previous government. Georgia and Ukraine are (were) seen by the US as primary candidates for future US military bases - in fact Georgia is full of US military and is being armed by the US as we speak.
2. And yes the predominant religion [...]
Read the full comment has nothing to do with stability and no, most terrorist and blowing up of civilians, have nothing to do with Islam and it could be from any religion - who's on medication now?
3. As far as the South Stream - yes, it's completely technologically impossible, and this is why Russia is pushing for it so much - to bring Iranian gas to Russia, then build a pipe, place it under the Black Sea, have it emerge in BG and split in all directions from there... wow... seriously.
4. Who's accusing the US of ethnic cleansing?
Whatever credibility the US might have had on the topic, is forever gone with this blunt attempt, on part of the American administration, to sweep the Armenian tragedy under the proverbial historic rug, out of sheer political expediency and their need to keep Turkey's cooperation in their energy designs in the region.
Simple as that.
Valery, South stream is mechanically, physically and technologically impossible project, mainly because of the dept of the Black See projected line. The water pressure there surpasses attainable pipe thickness and self-igntition limits of the gas. So the main thing to surpass is depth and this can be done by following the shelfline which is either in Ukraine or Turkey.
Besides the sources for the gas are one and the same - Azerbaijan, Iran.
I understand, you're on some kind of medication calling Ukraine US ally, and judging on one country's stability upon the predominant religion it [...]
Read the full comment has.
Accusing America of ethnic cleansing, just a few years far from the war in Serbia who may I point out Americans helped prevent, makes you look plain dumb. Like typical Bulgarian socialist.
It is good that not all people in this place do not share your way of thinking.
BTW this is why Hussein Obama is begging Erdogan not to take offense at the Armenian resolution - he needs Turkey to circumvent Russia ... those great fighters for world peace and against ethnic cleansing, the Americans...
South Stream is much more beneficial to Bulgaria and we shouldn't be afraid to stand for our interests.
The only thing that ever threatened Russian gas supply, was US allies like Ukraine
which was stealing the gas, thereby forcing the Russian to stop it, not some
Russian unreliability.
To say that Nabucco is more secure, as it goes through how many Muslim countries?
Since when are Muslim areas more stable than Russia?