The South Stream pipeline will be constructed as quickly as Nord Stream, Russian Prime Minister Vladimir Putin said on Friday at a meeting with the members of Valdai international discussion club.

"We have already begun laying the [Nord Stream] pipeline at the bottom of the Baltic Sea; the next year gas will enter. We will do everything as quickly for South Stream," Putin said.

South Stream's major rival Nabucco has little chance of success, he said.

"Nabucco's major problem is a lack of guaranteed volumes [of raw materials], and no source to fill this system," Putin said.

"Russia will not deliver anything there, Iranian deposits are not explored, and Azerbaijan's volumes are small. Moreover, Azerbaijan has signed a delivery contract with Russia," Putin said.

Putin added however that he did not entirely rule out the realization of Nabucco, especially if massive investment was forthcoming.

SOCHI, September 6 (RIA Novosti)