Bulgaria: South Stream Offers 6,000 New Jobs
South Stream Bulgaria´s CEO Georgi Gegov stresses the economic effect of the new gas pipeline from Russia to Western Europe.
In total, the Russian pipeline will create more than 6,000 new jobs, Gegov argues. Due to the construction itself, 2,500 workers will be employed. About 3,500 workers will be needed for service and supply purposes.
In Serbia, the investment volume comes at € 1.7bn. According to Gazprom, 2,200 new jobs will be created in Serbia. In the Balkan country, the pipeline has a length of 300 kilometers. Russian Gazprom and Serbian Srbijagas have already established a joint venture, in which Gazprom holds 51% of the shares. Croatia and Bosnia will be connected with the Serbian part of the pipeline.
The Russian pipeline project will ship natural gas from the Russian Black Sea coast to Italy. In total, the pipeline has a length of 2,400 kilometers. In 2015, the project is expected to be finished. Construction costs total € 16bn. The capacity of South Stream totals 63 bn cubic meters per year, which corresponds to 35% of the European natural gas consumption.
The pipeline starting from Russia runs across the Ukraine and the Black Sea to Bulgaria, Romania Serbia, Slovenia and Hungary. Besides Gazprom, Wintershall, a subsidiary of German BASF, French EdF and ENI have an interest in the pipeline project. Gazprom´s share comes at 50%. BASF and EdF hold 15% each. ENI has a stake of 20%.
Experts are not sure whether the pipeline project will be finished in time. The construction of the pipeline has in December 2012. Theoretically, the pipeline may replace the present pipeline through Ukraine.