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South Stream pipeline works in Serbia to start in summer

BELGRADE - The South Stream gas pipeline project in Serbia will this year enter its active implementation stage, with basic construction and assembly works expected to start at the end of the second quarter of 2014, according to an adopted timetable, the head of Gazprom's Project Management Department Leonid Chugunov has said.

President Putin Threatens to Cut Ukraine Gas Supplies

Russian President Vladimir Putin has threatened to cut off gas supplies to Ukraine, if the country doesn't pay its debts.

In a letter to 18 world leaders, the Russian head of state warned that Ukraine's USD 2.2 B debt for delivered gas means that supplies could be stopped, something which would affect the European Union as well.

Serbia's Deputy PM Opposes Gazprom Pocketing Entire Profit of NIS

The authorities in Belgrade have opposed the practice of Russian Gazprom, owner of a 56% stake in Naftna Industrija Srbije (NIS), pocketing the entire profit of the company.

Aleksandar Vucic, First Deputy Prime Minister of Serbia, noted that the company had reached a profit of EUR 380 largely thanks to Serbian oil, not extraordinary managerial achievements.