Monday, December 16, 2013

Bajatovic: South Stream bears major importance

12/16/2013 7:38:00 PM
BELGRADE - Srbijagas Director Dusan Bajatovic expressed the expectation on Monday that Moscow and European countries participating in the South Stream pipeline project would reach an agreement on the project realisation which would be beneficial for both sides.

He told reporters at the meeting entitled 'The Economist: The World in 2014' that global talks between Brussels and Moscow have begun regarding the implementation of the third energy package for the ground section of the South Stream pipeline. Bajatovic said that construction works should begin next year, and added that EUR 500 million worth of investments would be provided for the purpose. The importance of the South Stream pipeline lies in the reduction of transport risks and improvement of competition in the market. “These will be new quantities of gas and they are much needed since energy consumption in Europe should increase by 7 percent annually. 

These quantities cannot be made up for from alternative energy sources,” Bajatovic said and added that the cost of alternative energy sources still exceeds that of gas. Bajatovic said that the world economic market is shifting toward the countries with growing economies, primarily in Asia, and this is why Europe has to offer a serious geo-strategic economic response to prove its competitiveness. Photo Tanjug Video, camera operator Davorin Pavlovic

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