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Gazprom paid $1 billion for 50% stake in South Stream

Staff writer |
Gazprom has paid a total of RUB 56.12 billion ($1 billion) to the European partners in South Stream Transport BV, Eni, EDF, Wintershall, for their stakes in the South Stream gas pipeline.

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According to reports of the Russian energy giant, as cited by Interfax, it bought the shares in the consortium of Germany’s Wintershall, Italy’s ENI, and France’s EDF.

Italian ENI was paid RUB 22.4 B for its 20% stake, while French EDF and German Wintershall, who had 15% each, were paid RUB 16.8 B.

The deal for the acquisition of a 50% stake in the South Stream gas pipeline by Gazprom was reported at the end of December but the amount was not disclosed.

Russia’s decision to quit the South Stream gas pipeline was announced by President Vladimir Putin on December 1, 2014 in Ankara.

Russia made clear it planned to build a pipeline through Turkey instead.

The Turkish Stream gas pipeline is to have the same capacity as South Stream, at 63 billion cubic meters (bcm) per year.

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