Gazprom Tacks $17B Onto Black Sea Pipeline's Price Tag

Law360, New York (January 29, 2013, 7:22 PM EST) -- Russian natural gas leader OAO Gazprom on Tuesday said it will put 509.6 billion rubles ($16.95 billion) into expanding the capacity of its domestic pipeline network in anticipation of increased throughput to its massive European gas delivery system under the Black Sea.

As a result, the price tag for Gazprom's South Stream pipeline project — which is intended to send Russian gas under the Black Sea to Bulgaria and then on to either Austria or Italy — ballooned from an estimated €15.5 billion (US$20.9 billion) to...
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