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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.
US President Donald Trump is set to authorize weapons shipments to Ukraine using the Presidential Drawdown Authority, marking his first direct military aid package to Kyiv since his return to office
U.S. President Donald Trump has publicly voiced his growing frustration with Vladimir Putin, accusing the Russian president of consistently delivering “a lot of bulls**t”
Former Ukrainian Defense Minister Oleksii Reznikov has said that Russia’s war against Ukraine will only truly end with the death or resignation of Vladimir Putin
US President Donald Trump admitted that his recent phone conversation with Russian President Vladimir Putin did not yield any progress toward ending the war in Ukraine
Explosions rocked Kyiv overnight as Russia unleashed a large-scale missile and drone assault on the capital and other parts of Ukraine
Drone attacks were reported across multiple Russian regions on the night of July 2-3, with explosions confirmed in the cities of Lipetsk and Yelets in Lipetsk Oblast
Energy Minister Zhecho Stankov has firmly criticized the 2022 agreement between state-owned Bulgargaz and Turkish company Botas, arguing that there was no objective reason to enter into such a deal
Authorities have launched a wide-ranging investigation into the controversial gas transmission agreement between Bulgaria’s state-owned Bulgargaz and the Turkish company Botas
The European Commission is preparing a new phase of green legislation that could significantly impact fuel prices across the EU
As of July 1, a new pricing period begins for household electricity, heating, and hot water in Bulgaria
At an open session, the Energy and Water Regulatory Commission (EWRC) reviewed a proposal submitted by Bulgargaz EAD on June 10, 2025, for setting the July sale price of natural gas to end suppliers and licensed heating energy producers
The upcoming rise in electricity prices starting in July is expected to influence inflation in Bulgaria
Borderless Bulgaria: How Schengen Benefits Are Transforming Trade and Logistics
Bulgaria's Mortality Rate Remains Highest in Europe
