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Geopolitical situation favors South Stream - Miller

Russian Gas FacilityBRUSSELS. Feb 24 (Interfax) - The current international political situation is increasing the appeal of the South Stream gas pipeline project.

"The external situation is shaping up so as to make the South Stream project more important, more in demand and very timely," Gazprom CEO Alexei Miller told journalists on Thursday.

- - Political upheavals in several Middle Eastern countries, most importantly in Libya, have raised risks for supplying oil and gas from North Africa to European markets. Exchange prices on oil and gas have increased significantly as a result despite mitigating seasonal factors such as weather.

Gas came to $336 per thousand cubic meters on Thursday at the Central-European Gas Hub in Baumgarten and $329 on the Dutch TTF Exchange on Wednesday. These prices exceed the average rate for gas included in Gazprom's long-term contracts for the first quarter of 2011 ($327).


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