Hungary Gives Final Nod to South Stream Pipeline

From UPI

BUDAPEST, Hungary, Nov. 2 (UPI) — Hungarian officials signed off on a final investment decision for the South Stream natural gas pipeline, Russian energy company Gazprom said.

Alexander Medvedev, deputy chairman of the Gazprom management committee, met with energy officials in Hungary to sign a shareholder agreement for South Stream Hungary Zrt., a joint venture representing Hungary’s commitment to the project.

South Stream is a natural gas pipeline slated for southern Europe. It’s part of Gazprom’s efforts to expand gas transit options for European consumers as the bulk of the gas headed there runs through Soviet-era pipelines in Ukraine.

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