Croatia joins South Stream to receive Russian gas

Croatia has joined the South Stream pipeline project. Russian Prime Minister Vladimir Putin and his Croatian counterpart Jadranka Kosor oversaw the signing ceremony in Moscow on Tuesday.

Like many other European states, including Bulgaria, Serbia, Hungary, Greece and Slovenia, Croatia backed the joint Russian-Italian gas pipe project. It will deliver natural gas under the Black Sea, through 900 kilometers to connect the Russian port of Novorossiysk and Bulgaria's Varna. It is expected to pipe over 60 billion cubic meters of gas per year. Austria is said to be the next to join the South Stream. Russian supplies will satisfy 40% of Croatia`s gas needs. In 2015 Europe will receive third of its gas supplies from Russia. An expert for the Institute of Energy and Finance, Sergei Agibalov, comments.

"Initially, Europe displayed much interest in the South Stream project for it has to do with the issues of its energy security. Gas consumption will be on rise over the next few years for the natural gas remains the most ecologically friendly fuel. A problem with transit through Ukraine is another reason why Russia has launched this project".   

Having joined Russia's South Stream project, its partners in Europe now can receive plenty of fuel and have solid guarantees of energy security. Participation in this project also attracts more investment, creates new jobs. For Greece and some other countries, joint projects with Russia pave the way to economic recovery.