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Italia’s Saipem does not earn €1.232 bln due to South Stream project cancellation

July 29, 2015, 12:32 UTC+3 MOSCOW
South Stream Transport B.V., the Gazprom’s subsidiary, informed Saipem on July 9 about the termination of the contract to build the first line of the gas pipeline’s subsea segment executed in 2014
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© EPA/KOCA SULEJMANOVIC

MOSCOW, July 29. /TASS/. Italia’s Saipem, the contractor in the South Stream pipeline construction project, did not earn €1.232 bln due to cancellation of the project by Gazprom, the company said on Wednesday in its financial report.

Saipem said the total backlog includes the effects of the cancellation of the South Stream contract amounting to €1.232 bln following the notification of termination.

South Stream Transport B.V., the Gazprom’s subsidiary, informed Saipem on July 9 about the termination of the contract to build the first line of the gas pipeline’s subsea segment executed in 2014. The decision was dictated by the impossibility of reaching the agreement on many issues of the Turkish Stream gas pipeline project implementation, South Stream Transport said. The Gazprom’s subsidiary also said it will start negotiation with potential contractors for laying the first line of the Turkish Stream project.

The Turkish Stream gas pipeline project will be an alternative to the cancelled South Stream project.

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