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Shareholders’ agreement on South Stream to be signed - Gazprom CEO

September 06, 2011, 17:12 UTC+3
Gazprom CEO Alexei Miller reported to Russian Prime Minister Vladimir Putin that this agreement had been reached
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VYBORG, Leningrad Region, September 6 (Itar-Tass) —— Electricite de France (EDF) and the German BASF will each get 15 percent share in the South Stream gas pipeline project, 20 percent will go to the Italian ENI and Gazprom will have 50 percent of the shares. Gazprom CEO Alexei Miller reported to Russian Prime Minister Vladimir Putin that this agreement had been reached.

“We plan to sign the shareholders’ agreement for the implementation of the South Stream project in Sochi on September 16 and then we will refer all the documents to you,” Miller reported.

He pointed out that the work on the project had already been started. “The construction of the South Stream pipeline must be completed in December 2015; work proceeds on schedule,” he stressed.

The South Stream project is aimed at strengthening the European energy security. It is envisaged that the marine stretch of the project will pass along the Black Sea bed from the Russkaya compression station on the Russian coast to the Bulgarian coast. The total stretch of the Black Sea section will be about 900 kilometres, the maximum depth over two kilometres, and the design capacity 63 billion cubic meters a year. Two itineraries are envisaged for the overland stretch from Bulgaria - one going in the north-western direction and the other to the south-west.

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