Natural Gas - Russia: South Stream Pipeline Gets Final Approval

A Gazprom-led consortium gave a final approval to the underwater part of the 10 billion euro ($12.7 billion) South Stream gas pipeline, the gas giant said Thursday.  Gazrpom also separately cleared the final hurdle for the pipeline's overland leg.

The board of the South Stream Transport consortium convened in Milan on Wednesday and made a final investment decision that paves the way for construction of the underwater section, Gazprom said in a statement.

Italy's Eni, France's EDF and Germany's BASF joined Gazprom in the consortium, which they decided Wednesday to register in Amsterdam.

The consortium plans to break ground on the project near Anapa on Dec. 7 and begin gas supplies at the end of 2015.

Read more: South Stream Pipeline Gets Final Approval | The St. Petersburg Times | The leading English-language newspaper in St. Petersburg