Gazprom to buy out partners in scrapped South Stream pipeline

Gazprom has agreed to buy its European partners, Wintershall, EDF and Eni, out of the scrapped South Stream gas pipeline project, the companies said in statements last week.

Gazprom has bought out the shares of South Stream Transport BV, a company that was in charge of the construction of the cancelled gas pipeline marine section.

Italy’s Eni, Wintershall of Germany, and France’s EDF have decided to withdraw from the South Stream project. They have sold their shares to Gazprom, which already owned 50% of South Stream Transport BV.

"Due to the fact that it’s difficult to predict receiving permission for South Stream, and calculate the economic consequences of delaying its construction for an indefinite period, the participants decided to close the project," said Wintershall’s spokesperson commenting on the decision to sell the stake.

Edited from various sources by Elizabeth Corner

Sources: New York Times, RT

Read the article online at: https://www.worldpipelines.com/business-news/05012015/gazprom-to-buy-out-partners-in-scrapped-south-stream-pipe/