Reuters: South Stream cancellation means anxious wait for pipemakers

Russia's decision to scrap the South Stream natural gas pipeline to Europe has left pipeline makers from Japan to Germany awaiting the fate of deals worth 1.8 billion euros ($2.24 billion).

Their hopes are pinned on an alternative pipeline that   President Vladimir Putin has proposed building to Turkey instead of South Stream's planned route across the Black Sea to Bulgaria.

"If the new pipeline to Turkey is given the green light, the pipeline makers won't lose anything ... just the volumes (of pipelines) should be recalculated," said Ivan Shabalov, head of the Russian Pipemakers Association lobby group.

Russian gas exporter Gazprom had signed deals for two of the four stages of South Stream. MORE