President Viktor Yanukovych has suggested that  instead of the floor of the Black Sea the South Stream pipeline project be run on land through southern part of Ukraine.

"South Stream should run on land in the south of Ukraine. Our proposition is five times cheaper than the EUR 25 billion South Stream project considered now," Yanukovych said at the eight annual Ukraine and the World: Common Challenges, Common Future meeting in Yalta on Friday.

Commenting on Yanukovych's suggestion deputy chairman of Gazprom Valery Golubev said that the construction of South Stream through territory of Ukraine is economically inexpedient.

"It could run through Crimea and further in the Black Sea, but what's the point, when it's possible to build it straight," Golubev said in the lobby of investment forum in Sochi.


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