President Vladimir Putin, who was joined by Hungarian Prime Minister Ferenc Gyurcsany for a signing ceremony at the Kremlin, said the South Stream project was a "joint contribution by Russia and Hungary to Europe's energy security."
The €10 billion (US$15 billion) pipeline will go through Hungary after crossing Bulgaria and Serbia, and it further undercuts an alternative project — the Nabucco pipeline, which has been backed by the United States and the European Union as a way to ease Europe's reliance on Russia for energy.
"If the project is implemented, the role and significance of Hungary as an energy supplier to Europe will grow and its own energy security will be guaranteed," Putin told Gyurcsany before the signing.
Russia and Hungary recently completed a deal for a natural gas pipeline. This pipeline is designed to help Europe with its need for energy and take the burden off one particular country. This pipeline will help to push Russia as well as Hungary to the a more dominant position in European politics. Russia is also continuing to extend their foreign relations and build alliances with other countries.
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