Saipem: No change to South Stream suspension

Italian oilfield services provider Saipem has said that there is no change to the South Stream contract suspension.

Under the original contract  Saipem was supposed to carry out a giant part of the South Stream pipeline work in the Black Sea.

Saipem in March this year signed a contract for the pipe laying works for the offshore section of the project, which was designed to deliver Russian gas to the European market. Additionaly, the Italian oilfield services provider entered into a $552 million deal to provide supporting works relating to the construction of the second line of the South Stream Offshore Pipeline .

However, Russia’s president Vladimir Putin said Russia would drop the South Stream as a response to the EU opposition to the project, and turn to Turkey.

In a statement issued yesterday, Saipem said it received notification from South Stream Transport B.V. that does not expect significant changes in suspension status until 19th February 2015. South Stream Transport B.V. has reserved their rights to amend the suspension notice in accordance with the relevant contract terms.

South Stream Transport B.V. was founded to construct the offshore portion of the South Stream pipeline through the Black Sea. Gazprom holds a 50% stake in South Stream Transport BV; 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.

However, the ownership will soon be fully transferred to Gazprom, which will buy out all the partners in the consortium, as reported yesterday.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
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

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

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