17:47 24.11.2014

Offshore portion of South Stream to be laid a month later than planned - Gazprom exec

1 min read
Offshore portion of South Stream to be laid a month later than planned - Gazprom exec

The construction of the South Stream gas pipeline system is underway with a small delay, but the pipeline will be commissioned within the timeframe that has been set, Gazprom executive Vladimir Markov said at a press conference on Monday.

"The construction of South Stream is being carried out daily according to plan, with a small schedule delay," Markov, who is a member of the management board and director of the government relations department at Gazprom, said.

He added that the timeframe for starting construction was postponed by a month.

"All prepared work has now been finished, and construction is planned to start on December 15," Markov said, adding that this date was still tentative.

He added that there were no delays in the gas pipeline's construction in Russia.

"The gas pipeline will be built [according to] the timeframe that was agreed upon," Markov said.

Even considering increased costs, South Steam remains within the parameters Gazprom set for the internal rate of return, he said.

Markov added that sanctions would not likely affect the construction of the offshore portion.

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