Hungary: South Stream company gives pipeline much needed impetus

Yet although the agreement gives the pipeline project much-needed impetus, it remains doubtful when – or if – it will be completed. South Stream Hungary, which will be jointly owned by Russia's state-controlled Gazprom and the Hungarian Development Bank, is authorised to commission a feasibility study, raise financing, build and operate the section of the pipeline that will traverse Hungarian soil en route to Austria. Pavel Oderov, chief co-ordinator of the Gazprom-led project, was quoted in the Hungarian press as saying that talks with banks to secure financing will begin soon. "The pipeline will be finished and become operational by 2015, and we firmly trust we can keep to the planned sch