Russia: Wintershall and EDF Enter South Stream Project

Alexey Miller, Gazprom Chairman, Harald Schwage, Member of the Board of Executive Directors of BASF SE, Henri Proglio, Chairman and CEO of EDF, and Eni CEO, Paolo Scaroni, today signed an agreement in Sochi, in the presence of Russian Prime Minister Vladimir Putin, establishing the entry of Wintershall and EDF in the South Stream project with a participation of 15% each.

Gazprom and Eni will participate in the project with a participation of 50% and 20% respectively.

Gazprom and Eni have also signed an agreement reaffirming the agreements signed on 16 February 2011, which laid the path for the future handover to Gazprom of 50% of Eni’s stake (33,3%) in the consortium developing the Elephant oilfield in Libya, located in Libya’s south-western desert , around 800km from Tripoli.

Gazprom and Severenergia (Development Yamal 51%, jointly owned by Novatek and Gazpromneft, Eni 30% and Enel with 19%) have finally signed a contract, through which Gazprom has agreed to purchase the gas produced by Severenergia.

Today’s agreements are part of the strategic partnership signed between Eni and Gazprom in 2006, which envisages the commitment of both parties to jointly develop projects in the entire gas chain. Eni first entered Russia’s upstream sector through the framework of this partnership.

Source: Eni,September 16, 2011;

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