Business
oil and gasRussia drops South Stream gas pipeline plan
Russian President Vladimir Putin says the proposed South Stream gas pipeline will not go ahead.
Speaking on a visit to Turkey, he said Russia would instead look at creating a gas hub on the Turkish-Greek border, BBC reported.
Mr Putin blamed European opposition to the South Stream plan, which was funded by Russia's state gas giant Gazprom.
The pipeline was to have run under the Black Sea to southern and central Europe, providing another transit route for Gazprom.
But the EU has been worried about the gas producer also owning a pipe network.
Construction work on the 930km (580-mile) South Stream project began in Bulgaria in October 2013 but was suspended in June after the European Commission said it may be breaking EU competition rules.
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