Finding a Solution: South Stream and the Third Energy Package

Russia's Deputy Energy Minister has stated that his nation and the European Union will find a solution to the present impasse over the Third Energy Package.

Speaking in Milan on Friday at a conference hosted by Natural Gas Europe | Gas Dialogues, Anatoly Yanovsky said that negotiations will ensure a solution to the problems raised by the EU's legislative package of gas market reforms, which seeks to "unbundle" ownership of natural gas production and transmission lines such as those operated by Gazprom, and is seen as a roadblock to the development of South Stream Pipeline project.

"The South Stream pipeline represents a long term solution to ensuring a secure energy supply to all European citizens, thanks to the direct connection between customers and the most important gas reserves in the world, in Russia”, said the Deputy Minister.

Yanovsky's comments are significant, and may indicate positive momentum, particularly following recent downcast statements by the EU Energy Commissioner.

In remarks at the conclsuion of recent meetings of EU energy ministers, Günther Oettinger said,  "South Stream is an addition, but it does not give us access to any new sources of energy and it does not increase the competitiveness of the energy market in European Union."