Interfax reported that construction of South Stream a planned pipeline to carry natural gas from Russia to Bulgaria or Romania and further to Italy and Austria through Greece, Serbia and Hungary is likely to start in November 2010.

Mr Igor Sechin Deputy Prime Minister of Russia said "This date is close to the start of construction. If everything is ready and all permissions have been obtained, why put it off?"

The government press service said that under a protocol on cooperation in the gas industry signed in Ankara, permission for research to precede the laying of the pipeline section that would pass through the Turkish part of the Black Sea floor is due to be obtained from Turkey before November 1st 2002 and permission for building the section before November 1st 2010.

The objective of the South Stream project is to lay a pipeline that would bypass Ukraine believed to be an unstable gas transit stage.

The pipeline would have a discharge of 63 billion cubic meters per year.

It is expected to cost about EUR 8.6 billion to lay its offshore section and offshoots to run to various European countries.

(Sourced from Interfax)