Saipem Receives Formal Notice for South Stream Demise

Business » ENERGY | December 5, 2014, Friday // 12:30
Bulgaria: Saipem Receives Formal Notice for South Stream Demise Photo by BGNES

Italian company Saipem announced Thursday it had received a notification from Russia about the end of the South Stream gas pipeline project.

Saipem, a subsidiary of Italy's ENI, was to built South Stream's underwater section, but construction is now cancelled after Russian President Vladimir Putin said earlier this week the project was over.

The company refused to comment on the economic impact of Putin's decision, saying more aspects had yet to be made clear, according to Wall Street Journal.

Estimates of Saipem CEO Umberto Vergine cited by the influential daily suggest it might suffer losses amounting to EUR 1.25 B in revenue in 2015 as a result of the decision.

ENI has a twenty-percent stake in South Stream Transport, the joint venture in charge of the pipeline's offshore section.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Energy » Be a reporter: Write and send your article
Tags: Saipem, ENI, South stream, Vladimir Putin, Russia
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria