Gazprom to revise South Europe gas pipeline plan due to financial crisis

(PORTOROZ) - The current financial crisis could force Russia's Gazprom energy giant to revise its South Stream pipeline project, which is to link Russia to southern Europe, a Gazprom's official said here Thursday.

"The present financial crisis could influence to some extent the performance of any international company, and Gazprom is no exception," Stanislav Tzyganov, head of Gazprom's International business department, said wile presenting the project at a conference on energy investment in southern Europe.

Tzyganov added that the company would have to carry out "a probable revision of the (South Stream pipeline) project in response" to the crisis.

"But our South Stream (project) will remain on top of Gazprom's list of priority projects to increase gas exports to Europe," Tzyganov said at the conference in Slovenia's Adriatic sea resort Portoroz.

A Russian newspaper reported earlier this week that Gazprom had delayed the launch of the South Stream pipeline to 2015, two years later than a launch date Gazprom chief executive Alexei Miller gave in January.

The pipeline, which is to be developed by Gazprom and Italy's ENI, is to become a major artery bringing gas from Russia across the Black Sea to southern Europe.

Gazprom has already secured the agreement of Bulgaria, Greece, Hungary and Serbia for the project. Austria and Slovenia may also take part.