Gazprom to become sole owner of South Stream

Russian Gazprom will buy the remaining 50 per cent stake in South Stream Transport B.V. to become the sole owner of the company running the recently cancelled South Stream pipeline project.

According to the company’s statement, the partners in the South Stream Transport B.V. consortium have agreed to sell their respective shares.

The South Stream Transport consortium has four shareholders: OAO Gazprom, Eni S.p.A., EDF, and Wintershall Holding GmbH – a BASF subsidiary.

Gazprom holds a 50% stake in the joint venture; Italy’s Eni S.p.A. holds 20% stake while the French energy company EDF and Germany’s Wintershall Holding GmbH (BASF Group) hold 15% each.

No financial details of the proposed transaction have been revealed.

In a separate statement, Eni has said that, after the transaction, Eni will recover the capital invested to date in the project, calculated coherently with existing agreements.

BASF has also confirmed that the purchase price reimburses the cash invested by BASF, adding that the parties agreed not to disclose the purchase price.

South Stream Transport B.V. was founded to construct the offshore portion of the South Stream pipeline through the Black Sea.

Offshore Energy Today Staff

 

Share this article

Follow Offshore Energy Today

One thought on “Gazprom to become sole owner of South Stream”

  1. I don’t understsnd. Therefore, the project will continue diverting the pipeline in Turkey?

Comments are closed.

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 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 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply