CERA analyst is missing forest for the trees. He claims that the South Stream bypasses Turkey completely, and hence, Russia and Turkey have some negotiating to do. So much is being misunderstood here, that one has to just wonder about how carefully has the world of analysts been following the subtle twists and turns. First, Blue Stream extension, and the oil line Sumsun-Ceyhen. The aim is clearly to extend the energy supplies to Syria and Lebanon, giving them options that are not dependent on volatile Iraq. What appeared to be purely technical consideration --- moving the South Stream to parallel the Blue Stream into Turkish territorial water --- has proven to be a significan surprise. Because from that position, the south branch of South Stream, never talked about very much, can continue without impediments through Greece to Italy. The previous plan called for entry into Bulgaria, and then split into two branches, one to Greece and Italy and another through Serbia and Hungary. While all the pressure has been on Bulgaria to slow the project down, quietly, South Stream will reach Europe via Italy. This is why France hastily joined, as it would have found itself needing to by gas from Germany's Nord Stream. Basically, if Bulgaria remains stuck, Turkey will take South Stream over its territory into Greece, cutting out Bulgaria. Turkey has everything to gain. In the future, doors will open to Iran. It can supply Middle East. Now, opening moves with Armenia create the possibility of Azerbaijani energy reaching Tukey via Armenia, bypassing troublesome Georgia. Turkey and Russia are doing smart business, while others play energy geopolitics.