Gazprom buys out shares in South Stream Transport

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South Stream Transport B.V. was set up to do the planning and construction works and to operate the seabed South Stream pipeline that was supposed to be laid across the Black Sea (photo on thumbnail). This pipeline was cancelled by Russia in December.

Russia’s gas giant agreed to buy the 50% it doesn’t own in South Stream Transport B.V. from Italy’s Eni S.p.A. (owner of a 20% stake), Electricite de France SAand the Wintershall, a subsidiary of Germany’s BASF SE (hold 15% each). Gazprom now owns 100% shares in South Stream Transport B.V.

No purchase price was disclosed in statements issued by companies. By this transaction Eni, EDF and BASF are recovering their investments in Black Sea pipeline that Russia scrapped this month.

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Sources: bloomberg.com

Image source: itar-tass.com/en

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