Energy Security at WPC
No a big surprise that energy security is a hot topic here at the World Petroleum Congress (WPC) in Moscow. The South Stream Pipeline construction seems to be occupying the minds of many members of the media. It is interesting to read articles originating in Russia and compare them with those orienting in W. Europe. Here in Moscow it is perceived that Bulgaria has buckled under pressure from the US to halt pipeline production which is seen as an extension of the “creeping economic sanctions against Russia” as a result of the situation in the Ukraine.
On the other hand in Europe is it being reported that the construction of the South Stream Pipeline simply fails to comply with EU legislation. The consensus seems to be that construction will start again in July. But with Russia demanding that the Ukraine now pay for gas in advance there is growing concern about gas capacity in the rest of Europe this coming winter when gas reserves in the Ukraine become depleted.