The CEO of Austrian oil and gas giant OMV Gerhard Roiss said Tuesday he is not yet convinced the South Stream gas pipeline will be cancelled despite Russian President Vladimir Putin's statement Monday to the contrary.

Putin had said during a visit to Turkey that the project, aimed at providing a gas pipeline into Europe would no longer be going ahead due to opposition from the EU.

In an interview with radio station Oe1 from Austrian public broadcaster ORF, Roiss said he remained hopeful of a resolution, and that while a confirmed cancellation of the project would be "very regrettable for Europe," it would not be of devastating impact to his company.

Roiss also renewed his criticism of the politics of the EU, saying the gas should not be misused as a political weapon.

He said Europe must look to find gas supplies for itself, with the OMV now also exploring for it in the Black Sea, but that both Europe and Russia would be better off finding solutions to the present issues.

Austrian Minister of Economy Reinhold Mitterlehner also said Tuesday the circumstances surrounding the cancellation of the South Stream project are "yet to be clarified". Endit

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