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Italian company receives official notification on suspension of South Stream

December 05, 2014, 10:39 UTC+3 ROME
Saipem, a unit of Russian gas giant Gazprom’s Italian partner Eni, has started assessing damage caused by the South Stream project suspension
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© EPA/KOCA SULEJMANOVIC

ROME, December 5. /TASS/. Saipem, a unit of Russian gas giant Gazprom’s Italian partner Eni, has received an official notification on suspension of the South Stream project and is now assessing damage from it, according to the company’s statement seen by PRIME Friday.

“Regarding the South Stream project, Saipem announces that it has received a ‘Notification of suspension of Marine Spread activities’ from the client. The notification covers all vessels currently engaged in activities related to pipe laying,” the company said.

“At present it is not possible to outline the economic impact of the Saipem’s business suspension, as both the duration of the suspension and the client’s ultimate decision on the project are unknown.”

A representative for OMV, an Austrian partner for the closed project, told PRIME the company is still carrying consultations with Gazprom on the South Stream. “We are in contact with Gazprom,” the representative said.

On Wednesday, Saipem CEO Umberto Vergine told Italian daily Sole 24 Ore the company will fall €1.25 billion short of revenue in 2015 due to the South Stream closure.

Infographics Russian gas supplies to Europe: existing routes Russian gas supplies to Europe: existing routes

THE MAIN EXPORT ROUTES OF RUSSIA’S NATURAL GAS SUPPLIES TO EUROPE. Infographics by TASS

On Monday, Russian President Vladimir Putin said the South Stream pipeline project is scrapped, blaming failed cooperation with the EU in the issue and in particular, Bulgaria, which in June suspended preparations for the construction of the pipeline on orders from the EU that said the pipeline must be suspended until the project is fully adjusted to the Union's legislation.

South Stream was designed to run under the sea to the Bulgarian Black Sea port of Varna before extending overland through Bulgaria, Serbia, Hungary, and Slovenia to supply gas to Western Europe via Italy and Austria. The pipeline’s capacity could reach 63 billion cubic meters.

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