Russia and Italy signed agreement on construction of natural gas pipeline under the Black Sea . At a ceremony in the Kremlin, ENI General Manager Paolo Scaroni (l) and Gazprom head Alexey Miller blessed the setting up of a joint venture to carry out a feasibility study into the South Stream pipeline. The South Stream project has a strategic significance to ensure energy security for Europe,` said Putin after Gazprom`s Alexei Miller and Eni chief executive Paolo Scaroni inked the deal. The $14.8 billion project would send 30 billion cubic meters of Russian gas to Europe annually.