Gazprom in South Stream Buyout

Gazprom in South Stream Buyout

Russia’s Gazprom has signed an agreement for the acquisition of the remaining 50% stake in the South Stream gas pipeline project (South Stream Transport BV).

South Stream Transport was owned by Gazprom with a share of 50%, by Eni with a share of 20%, and Wintershall and EDF with a share of 15% each. The company was established to build the offshore section of the South Stream gas pipeline.

On December 1st, President of Russia, Vladimir Putin, stated that they won’t pursue the South Stream pipeline project for gas from the Black Sea to Europe. Soon after that, Italian company Saipem was notified to suspend all ongoing operations on the project, while Allseas, the owner of the world’s largest vessel Pieter Schelte, confirmed that their 2015 South Stream deal went south.

Following the transaction, EDF, Eni and Wintershall will recover the capital invested to date, calculated coherently with existing agreements.

The companies agreed not to disclose the purchase price.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Nov 2015 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

9th OSV Singapore Summit

ACI’s 9th OSV Singapore Summit will provide insights to the ship-owners & operators on how to gain operational competitive advantage…

read more >

Marine Warranty Surveying

This distance learning course addresses the core competencies of warranty surveying, presenting the background knowledge and practical…

read more >

2015 WORLD OIL & GAS WEEK AND WORLD AWARDS DINNER

WORLD OIL & GAS WEEK is the defining event for the global oil and gas, finance and investment communities…

read more >

Hands-on BOP - Surface Rigs

This highly informative workshop equips candidates with overall knowledge of well control equipment, explains the most common faults…

read more >