(1. Dezember) PRESIDENT OF RUSSIA VLADIMIR PUTIN: ..Now, a few words about the major South Stream project on the bottom of the Black Sea. We are grateful to our Turkish friends that although Turkey did not benefit directly from this project, it nevertheless gave all the permits necessary to build this pipeline system through Turkey’s exclusive economic zone in a timely manner.

At the same time, taking into account the European Commission’s position, which is not conducive to implementing this project, taking into account the fact that we have only recently received permission from relevant authorities in the Netherlands – granted, it was a positive decision, and taking into account that we still have not received permission from Bulgaria, we feel Russia cannot continue implementing this project under the existing circumstances.

I mean that we now need to start the construction of this pipeline in the Black Sea, but we cannot do that until we have Bulgaria’s permission. I think it’s clear to everyone that it would be ridiculous to start the construction in the sea, reach the Bulgarian shore and stop. So we are forced to reconsider our participation in this project. But given Turkey’s growing demand, we are ready to not only expand the Blue Stream pipeline, as I just said, but also build another pipeline system in order to cover the growing needs of the Turkish economy. And if it is deemed expedient, we can build an additional gas hub for the South European consumers on Turkish territory, near the border with Greece.