Russia stops work on South Stream gas pipeline project

Russia stops work on South Stream:  Russia has decided to call a halt to the construction of the South Stream gas pipeline, President Putin announced yesterday. With Bulgaria having withdrawn its participation in the project in August, he said it would be “ridiculous” to start the underwater section of the project, get to Bulgaria’s coastline and be obliged to stop because it did not have permission to continue, he said. Over the past three years Gazprom has spent over $4.5bn on the pipeline – about 50% of total costs – which  was to have run under the Black Sea to southern and central Europe.  Speaking during a visit to Turkey, Putin blamed the EU for its “unconstructive”attitude and said that Russia would look at creating a gas hub on the Turkish-Greek border instead. Interfax