yes. well first of all first of all i'd like to ask you about your presentation in brussels on the twenty fifth of may did this presentation somehow change the attitudes in the e.u. towards the south stream or do they still have questions about the project. well i think it was a very successful event so. there was a very good price and says not only of the many partners in the south stream project but also of e.u. officials and all servers from various institutions. we consider this session success also because the european commission are confirmed the importance of energy relations and of the southeast project as such. to those real agents and use the words this is clearly a priority also for the e.u.

and we will find good ways to work with it and to support it so i think all in all . we are now at a point where we have a good basis for further and perhaps more detailed discussions. do you believe that you will succeed in getting a priority status for south stream in the event that exempting it from the european union rules requiring it to share its infrastructure with third parties. well there is an ongoing discussion between the european commission and the russian government about an overall agreement with regard to how gas infrastructure could be treated and i think we should wait and see how that agreement works out and what exactly that means for the status of the project at the same time it is clear. the participants in the project and they represent about

one third of all e.u. member states. feel very strongly along with russia that this project these are clear priority status so we're working on that or discussing it to mystic about. russia's energy minister mr expects to sign an agreement with the e.u. this autumn what kind of agreement could be there is russia want to have the same preferences as nobuko for example or are you ready for a compromise. we see this quite separately from whatever partners may have a arranged among themselves or way to e.u. with the e.u. member countries what we really want to make sure of is that whilst we of course respect the the legal framework within the european union when we work what we want

to make sure of is that whatever specific measures are taken do not in any way undermine the economic viability of the project for the entire duration of the operations of the project we want to have a clear stable and supported legal and regulatory framework so that's what we're working well many experts by the way say that from the economic point of view the modernization of ukraine's gas pipeline system would be a cheaper solution than constructing a new underwater pipeline is it true or does moscow believe that ukraine has lost its credibility as a reliable partner. but i think in general the transit networks need modernization a good example of that is also the north stream project which is now for its first stage nearing completion to grade. success which will also ensure stable long term

supply to a modern system and on the modern management all i can say about the ukraine circulation is that it is clear that all the partners in the south stream project have collectively. agreed that. this is obvious from the actions they are taking now that it would not be wise to and tire leaders rely on the ukraine for you to transit for the kind of volumes that have been going through there so far so. what that has done sums up to is really the ukraine will likely continue to play a role in transit to europe but we will also have a modern up to date and well managed transit system in the form of south stream. which implies that there is going to be additional

security of supply or for your call of the south stream promises to to to pump up to sixty three billion cubic meters of gas three years do you already know the source is going to get the gas to fill the pipe. well i think. the market did the end to the side the exact volumes work is being now done is being done now to conclude those contracts the capacity of south stream india and that means in twenty nineteen will be sixty three b.c. and you are right about that but we see it gradually increasing from a much much lower level at the end of twenty fifteen to that sixty or sixty three b.c.m. capacity about forty four years later in the end to market will be the judge though . because the contracts have to be signed. and we will see part of the new gas

and we will survive to be rerouted gas gas flows that are now today still going through the ukraine it will be a mix while you're talking about this really rooted gas well the gas that's now going through funk through ukraine is. a lot of it going to be diverted into sites is south stream a significant part yet or how much. well you know significant it's always open to interpretation what that means but we have a basic supply scenario for south stream which says that up to two thirds of the volume going through south stream could be volume that is now going through the ukraine system. many analysts say that they expect gas from to revise south range price tag upward this year as the prices for

commodities like steel and cement also climb is this the reason why the publication of technical and economic assessment of the project was delayed until the the end of the year if i'm not mistaken. no i don't think there's any correlation in that respect the project is on schedule we are working hard on many different aspects including the final. conclusion of the preferred routing of the entire by flights or something we expect that to be ready sometime in the start water. nabucco is cheaper than sound does it make new book a more competitive than south stream. but first of all i haven't heard any firm and final numbers for i don't know google or south street. sours teams are

using a preliminary estimate which says it tastes likely to be only order of magnitude of ten billion euros for the offshore fire in the black sea and approximately another five parked to the tons of countries on the way to its enemy and austria. that's a very preliminary estimate the final budget will be available when we take the final investment decision and i think we'll have to wait and see therefore we believe you also do not have a good comparison with any other projects on our book away this clear that a number of the participants and they have said so publicly expect much higher cost than originally estimated. and we will have to wait and see whatever they come up with when they take a final investment decision before that it is really until that point it's really not so easy to talk about who is cheaper and more expensive the key is. if you have

sufficient gas flow through the pipeline that of course significantly improves the economics and that seems to be an issue for some of the other five like projects. such as noble coal but are more have the deed to do you feel the competition from the book anyway. well i don't i don't see the sentence of competing projects they are very different in nature in a book will very heavily of course depends on the ability to get adequate gas supply large volumes of gas supply into the market through that biplane system in this our steam case the gas is available we're really talking about new infrastructure for security of supply and nolt about the need to find large additional suppliers. large additional volumes of natural gas so in that sense

really not quite competing also time wise. what i've read at least but we're not following it day to day. the navajo partners expect to be quite a bit later. we have. says marcel crammer the c.e.o. . joining us from st petersburg economic park. will be back shortly right.

stream can. you. please. and a speed of more than two hundred kilometers per hour if you step. seventy

six hours of intense fighting. six thousand days. of beach front battlefields several kilometers long. and now there is only one person who cares. you see we are surrounded by garbage everywhere but also there are. on this beach which of course is of the most appropriate city signification a symbol of everything that's wrong with our goddamn government allowing not only garbage but to accumulate where so many guys died. a new battle is going on. will the history be protected. return to terra what julian cooper story on our t.v. . wealthy british style.

markets. can do find out what's really happening to the global economy for a no holds barred look at the global financial headlines to cause a report on our. welcome back to spotlight i'm al green over and just to remind you that my guest on the show today is going to sell crammer is the c.e.o. of the south stream who is joining us from st peter's been from the economic forum mr krammer we started talking about about south stream bad in a book all about competitiveness of these two projects but as far as i understand natural gas which you pipe which you pump through the. pipes also as all sas

competition like the new sources of gas for example the shale gas and the liquefied natural gas they're putting downward pressure on natural gas prices is this really the trend is it true. well you know i think we have to look at alan g. and chilled gas in quite a different way. the shale gas first of all we know discovery about to us for a large and rather unexpected volumes of shale gas have come to the market there. we are now as an industry looking very hard at what could be the possibilities elsewhere in the world and what i'm hearing about europe in that respect is that yes there are in geological times certain possibilities it is not yet quite clear how complicated some of the production will be in europe it could be quite different from the u.s.

and our number of environmental issues around shale gas. which may also delaying some of its development particularly in europe which is more densely populated in most places. and we dare for have to wait and see about the general view is that we will do not expect significant volumes of shale gas to come to the markets in europe until at least twenty twenty five or beyond. there may be some production in some parts of europe before that but that would not really impact this ousting project at all and alan g. well let's wait and see it is true that we have more l.n.g. receiving cardinals now in europe than we had let's say five or ten years ago that's good news it gives the market more options more flexibility. but we also have to wait and see how much of that liquefied natural gas is actually coming to you. much of that will be find on pricing so we'll have to wait and see i think

a large modern pipeline system such as self-esteem is definitely proven to be very competitive that's always been the case in the history of the gas industry and it will be the case with cells. but i your russian partners are russians ready to to meet this new possibilities the new challenge challenges of which we're talking because we're or they are still pretty conservative then and still prefer to to make their money the old way i mean by pumping gas into europe to pipelines. well i'm not here to talk for all the companies that are in this business i'm really focusing on the south and pipeline project as such but let me say this if you have large natural resources conventional resources of

natural gas that can be produced if you also have possibilities for for the to my station within your current system much of that is likely to be economically more attractive than venturing into all kinds of new technologies that being said i am sure that russian companies including gas from will follow the developments very closely they already do that and are seriously involved in a lengthy trade and in energy production they will also follow very closely what happens to shale gas but it is definitely not seen as something that they will large scale jump on in the immediate future because you have so much conventional gas that can be competitively produced a market that is still available. to cram or you have claimed many times that the south stream is a project. of european interest that what you say but this argument against sits in

the european union who's interested in derailing this project to is against except ukraine force. well i would say that you know it's it is obviously a project in european interest europe needs to import more gas europe wants to do that in a secure and stable manner and so safe and secure new transit routes are obviously one way to do that on top of that you have many european companies and countries such as the southeast the east european countries directly involved and wanting to see the project realized so i don't really doubt that this is a project of major european interest it brings good natural gas supply secure supply for the long term the ability to plan for a for a cleaner environment for renewable sensible woman soulforce so we are feeling

quite strongly about that and it's not only us in the project itself but also other companies involved now of course there will be. always people around in your somewhat differently that's fine i'm sure we can convince. i guess that turkey is giving us some headache lately can you lightness how long according to your assessment will it take to reach an agreement with the turks on laying the underwater part of the pipeline in their territorial waters. well i know there's an ongoing discussion. about certain details of the arrangements between between moscow and ankara we in the project the such are not directly involved in that so i can't really comment on it. really also here the

importance of the overall relationship. will dominate the discussion and will lead to a good resolution in time. but is there still a risk and i've read about it in some in some analysis in the papers that the turkish position the tough position may even change the route of south park may this be true. well we are looking at the overall route at the moment and determining. the fall you know all. over the next few months and when that decision is being made sure all the aspects such as the position of transit countries and others and fulfill be taken into account. they see where you laying the par pipeline is called the black sea and some some people say that that the south stream is

a project that may really turn the sea into black sea literally it's not black yet thank god i mean are they really huge environmental risks for the black sea i mean the little lane the underwater pipeline. is this true. well i have to say you know all the questions about the environment impact in general of the project or in specific locations have to be taken very very seriously. if you look at pipeline projects for natural gas such as north stream but also many many others in the north sea for example the norwegian sector the british actor etc and elsewhere in the world you can really say that transporting natural gas in a biplane on the seabed is not in itself at all. there's

exercise now that being said for the specific road you have to of course of any negative impacts on the seabed and on the environment where you can but transporting. through. an area such as the black sea in itself is a perfectly safe activity. when will the final agreements one move they be signed with. the false and also the winter shall the french and the german companies about the condition of their participation in your project. well they're working hard together to. resolve. some outstanding issues this is a large and complex project so naturally as has been the case in other projects this takes some time but i am confident none of them wants to take it any

longer than necessary so we're looking forward to the conclusion but it's not in my hands to turn tiredly and there's. another question about deals i know gas from is negotiating with iran its participation in the south stream project how high is the probability that iran will join south stream and what may the conditions of the . i'm not aware of or or involved in any of those negotiations we are focusing on the preparations of both of the project the search and we will see who in the end are the shareholders for what for what percentages so i can't really comment on that question i think that's best addressed to gospel thank you thank you very much for being with us and just to remind them that my guest on the show today was marcel crammer the c.e.o. . i'll south street and that's it for now from all of us share if you want to has

your sound spot learned or have someone in mind you have think i shouldn't be next time just drop me a line in tallinn of. party here and let's keep the show interaction and we'll be back with more for us then comment on what's going on in and outside russia and till then stay on r t and take care.

t. the e.u. i did my eyes is overcoming its catastrophic debt and the looming bailout of budget is a comfort to join the have second thoughts. but how to stop a global crisis happening again business some political leaders discuss just that of the international economic forum and some papers. that syria faces a third round of the e.u. sanctions amid more deadly antigovernment crackdowns which sold more than

a dozen dead and thousands of raich nation will. be watching on t.v. it's not midnight here in moscow kevin zero in our top story a real war that greece's latest finance minister sums up the job ahead of him he's taught been. asked will secure in another multibillion euro bailout the criteria for which means slapping an outright hostile great public with more austerity cuts this as some countries like turkey which once harbored dreams of your membership are beginning to rethink their plans. if you talked about turkey in the e.u. ten years ago turkey's hopes of joining would have been inseparable from joining the euro not anymore turkey's attitude in short can be summed up very simply very glad you're not part of the you're right now took on the street seemed to have

a wide range of opinions on the euro but their country's doorstep europe's economy is worse now turkey's is improving turkey is improving in all fields but europe is going backwards so we don't need them. to fish people are using the year as an investment to earn money here is a more reliable and turkish money people don't want to save their money in the euro . few invest in euros you get more than the euros also stronger than dollars having said that i don't want to risk investing. but academics analyzing public opinion have found a common logic in decisions about the euro people polled don't care about wider economics but about their own personal finances. economy is actually. important factor that make euro skeptic or euro via the public opinion analysts are keen to point out that further economic integration into europe doesn't just mean

money and that people shouldn't only think about their pocketbook he cannot.