RIA Novosti cited Mr Vladimir Putin Prime Minister of Russia as saying that Italian companies have received USD 2 billion contracts on Russia Nord Stream gas pipeline.

Mr Silvio Berlusconi that "Italian companies constructing gas pipeline systems under the Baltic Sea have received contracts for USD 2 billion on one Nord Stream project and that won't be all."

He said sums on future contracts will increase following the execution of projects like the South Stream gas pipeline.

Nord Stream which will run under the Baltic sea from Russia to Germany is due to be launched at the end of 2011. The pipeline is to pump 55 billion cubic meters of gas to Western Europe every year.

Italy is one of Russia leading trade partners, with bilateral trade reaching its all time maximum of USD 52.9 billion in 2008. The figure declined in 2009 to USD 32.9 due to the financial crisis.

(Sourced from RIA Novosti)