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14 Nov, 2009 17:26

“Together, South and North Stream will bring a new Europe order”

On Saturday Russia signed a final agreement with Slovenia paving the way for the South Stream gas pipeline project. Prime Minister Vladimir Putin says all European partners involved are now fully on board.

According to the arrangement, Russian natural gas will be pumped through Slovenia to Northern Italy starting in 2015. It will eventually mean an uninterrupted fuel flow to Europe.

The signing of the treaty follows the sealing of the deals for the similar Nord Stream project. Both will avoid transit countries like Ukraine, which have disrupted winter gas supplies in recent years.

Analyst Vladimir Feygin from Institute for Energy and Finance in Moscow believes that both projects together will drastically change the energy security situation in Europe.

“The difference which will be made by the South Stream and Nord Stream is huge, because the total capacity of these both lines is approximately the same volume which is now going through Ukraine," Feygin told RT. "Of сourse, the total supply of Russian gas will increase, but nevertheless, it will be a huge change. It will be a totally different picture from the point of view of European consumers.”