Gazprom has expressed disappointment at the recommendation of the European Commission for the revision of bilateral agreements on the South Stream gas pipeline project.

"It is customary for trans-border investment projects to be supported by intergovernmental agreements in order to achieve security and stability for investors," according to a statement of Gazprom's press office, as cited by the Bulgarian Telegraph Agency (BTA).

According to the media statement, Gazprom is not a party to these agreements, whose texts have been accessible for years.

"This is why we are surprised and disappointed by the fears of the European Commission expressed just now, when the construction works are underway," the statement says.

"This is an inappropriate moment, taking into account that, several countries have declared the South Stream gas pipeline project a national priority," Gazprom points out.

The press release was issued in response to a recent recommendation of the EC that the intergovernmental agreements between Russia and EU Member States on the project be renegotiated in order to make them compliant with EU law.

The EC threatened infringement proceedings against EU countries on the route of the pipe unless they took steps to make the agreements legally compliant.

"The construction of the gas pipeline will proceed according to schedule and in full compliance with local legislation and international standards," Gazprom assures, adding that the regulatory issues related to EU law could be clarified alongside that process.

The Russian energy giant noted that it had reached agreement on the exemption from the EU's Third Energy Package legislation for the Nord Stream project and South Stream could also be granted an exemption.

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