Oettinger Says South Stream not a Project of Common Interest

The EU Energy Commissioner has stated that the South Stream Pipeline project, which plans to move Russian gas to European markets through Southerm and Central Eastern European nations, does not qualify for EU priority funding.

In remarks at the conclsuion of recent meetings of EU energy ministers in Vilnius, Günther Oettinger said that South Stream did not meet the criteria for receiving the designation of a "Project of Comon Interest," which would allow for accelerated planning approvals, as well as potential funding from the EU.

"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," commented Oettinger.

"South Stream is an idea that comes from our eastern partners. We have no problems with South Stream, but we don't think it's a particular EU priority."

The European Commission is expected to disclose a list of approximately 200 Projects of Common Interest, deemed significant to more than one EU nation. Sources have indicated that the failed Nabucco West pipeline will remain on the list of favoured projects, even though it lost out to the Trans Adriatic Pipeline in the in the 'Southern Corridor' contest to move Azeri gas to Europe from the second phase of the Shah Deniz project.