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Wintershall, EDF gain stakes in South Stream natural gas pipeline project
20.09.2011 + + + Wintershall and EDF have officially joined the South Stream natural gas pipeline project, each gaining a 15-percent stake in the pipeline company developing the offshore segment of the South Stream pipeline.
Gazprom retains 50 percent interest and Eni (NYSE:E) holds 20 percent interest in the South Stream Transport company, which will develop, build and operate the offshore section of the South Stream pipeline.
South Stream is a 940-kilometer pipeline that will connect Russian natural gas with European markets via the Black Sea. The South Stream pipeline consists of three components: expansion of transport capabilities in Russia, the building of four parallel gas pipeline across the Black Sea, and the construction of a pipeline onshore to Southern and Central Europe.
The South Stream pipeline system has a planned total capacity of 63 billion cubic meters of natural gas a year.
"Together with Gazprom and other European partners, we are already demonstrating with the Nord Stream Baltic Sea Pipeline how we can increase gas supply security in Europe," said Dr. Harald Schwager, from BASF's board of executive directors. "We are now working together to improve supply security in the southeastern EU member states, in which Gazprom and Wintershall have been successfully involved in gas trading for many years."
Source: PennEnergy
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