ROME - Italian energy company Eni SpA and Russia's state-controlled OAO Gazprom said on Saturday that they had signed a memorandum of understanding on the possibility of supplying Russian gas to European Union countries through a pipeline under the Black Sea.
The companies will study the feasibility of the project in coming months and construction could begin in 2008 or 2009, Eni chief Paolo Scaroni and a top Gazprom executive, Alexander Medvedev, said at a news conference.
Scaroni told a news conference he expects it would take three years to build the pipeline, which would carry a "multi-billion" dollar price tag.
The pipeline, to be called South Stream, would …
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