Russian Gazprom will buy the remaining 50 per cent stake in South Stream Transport B.V. to become the sole owner of the company running the recently cancelled South Stream pipeline project.

According to the company’s statement, the partners in the South Stream Transport B.V. consortium have agreed to sell their respective shares.

The South Stream Transport consortium has four shareholders: OAO Gazprom, Eni S.p.A., EDF, and Wintershall Holding GmbH – a BASF subsidiary.

Gazprom holds a 50% stake in the joint venture; Italy’s Eni S.p.A. holds 20% stake while the French energy company EDF and Germany’s Wintershall Holding GmbH (BASF Group) hold 15% each.

No financial details of the proposed transaction have been revealed.

In a separate statement, Eni has said that, after the transaction, Eni will recover the capital invested to date in the project, calculated coherently with existing agreements.

BASF has also confirmed that the purchase price reimburses the cash invested by BASF, adding that the parties agreed not to disclose the purchase price.

South Stream Transport B.V. was founded to construct the offshore portion of the South Stream pipeline through the Black Sea.

Source : www.offshoreenergytoday.com

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