Abstract
The objective of this study is to review the political and economic implications after checking out the policy on energy security and South Stream pipeline. This pipeline is easily accessible in European regions and less dependent on a pipeline built in the Soviet Union era after 2000’s on the basis of energy security in a multi-layered and complex post-cold war era. At present, European nations have enhanced energy security through the construction of a stable source of gas and diversifying the transportation network under the construction, the Nabucco pipeline. This pipeline connects Austria through middle-eastern European nations starting from Turkey, but not passing through Ukraine and Russia. This route will be in charge of more than 5% of the energy fuel consumed in the whole of Europe. In the meantime, it can decrease the gas dispute with Ukraine, through which the pipeline passes. It can also check and balance the Nabocco pipeline construction through the construction of the South Stream pipeline, which directly connects Europe with Ukraine under the leadership of Russia. In addition, Russia can maintain its existing energy alliance through a stable security of gas provision in central Asia and the Caspian regions. Gasprome from Russia, who are presiding this project, agreed to expand more than two times of what they have agreed on initially, targeting operations by the end of 2015 with Annie of Italy after completing a feasibility research by the end of 2010. ‘Cooperation and competition between Russia-away and Russiafriendly pipelines’ are unavoidable in the light of construction costs and security of gas amount. The starting area of the new pipeline is the seabed of the Black Sea, which is surrounded by Ukraine, Turkey, Bulgaria and Rumania including Russia, passing through Hungary and Austria as well. Major gas-providing countries like Azerbaijan, Turkmenistan and Kazakhstan decided to provide gas using both lines. These countries tend to consider ‘economic selection’ rather than ‘political selection’ first, promoting the diversification policy of gas exports. Likewise, political and economic relationships centering on the new pipelines, which is multi-layered and complex, is being formed based on mutual interests between regions and gasproviding countries through which the pipelines pass.