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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.
Ukrainian President Volodymyr Zelensky addressed the nation on the evening of June 20, focusing on the ongoing Russian offensive in Sumy Oblast and the broader implications of recent statements by Russian officials
Russia may be heading into a recession, Economy Minister Maxim Reshetnikov admitted during the St. Petersburg International Economic Forum
Prime Minister Rosen Zhelyazkov has reaffirmed that the “Balkan Stream” pipeline remains a functional and commercially viable energy project
Russian President Vladimir Putin has expressed readiness to hold talks with Ukrainian President Volodymyr Zelensky, though he made clear he does not consider Zelensky a legitimate figure
On June 12, Ukraine’s General Staff announced a significant milestone in the war with Russia - over one million Russian troops have been killed or wounded since the start of the full-scale invasion
U.S. Secretary of State Marco Rubio extended congratulations to the Russian people on the occasion of Russia Day, marked annually on June 12
Prime Minister Rosen Zhelyazkov has reaffirmed that the “Balkan Stream” pipeline remains a functional and commercially viable energy project
Sofia recently hosted the fifth edition of the Green Transition Forum 2025, a major regional event focused on sustainable development
Deputy Energy Minister Iva Petrova emphasized at Green Transition Forum 5.0 that Bulgaria’s energy strategy hinges on modernizing grid infrastructure and securing long-term supply agreements
From July 1, 2025, electricity and thermal energy prices in Bulgaria are set to increase
From July 1, 2025, Bulgarian households are expected to see an average increase of just under 5% in their electricit
Since its commercial launch at the end of 2022, the Greece–Bulgaria gas interconnector (IGB) has transported more than 34.5 million MWh of natural gas
Borderless Bulgaria: How Schengen Benefits Are Transforming Trade and Logistics
Bulgaria's Mortality Rate Remains Highest in Europe
