/ world today news/ “Gazprom” on Wednesday (January 20) announced that the contract on the “South Stream” project has been terminated, TASS reported.
The board of directors of the Russian gas giant has approved the conclusion of an agreement to terminate the guarantee agreement with South Stream Transport BV regarding the gas transportation obligations of OOO Gazprom Export as of October 2 2013 year. The South Stream Transport company has agreed to release Gazprom from fulfilling all responsibilities under the contract in question.
The Bulgarian newspaper “Standart” recently reported on the possible resumption of work on “South Stream”. According to the publication, Bulgarian Prime Minister Boyko Borisov received a similar signal from Russia. At the same time, Russian Energy Minister Alexander Novak stated that the project has been terminated and there are no negotiations on it.
On December 1, 2014, Russian President Vladimir Putin announced that, under current conditions, Russia would not implement the South Stream gas pipeline project. In turn, the head of Gazprom, Alexey Miller, noted that this project is no longer relevant.
South Stream was worth 15.5 billion euros and was supposed to deliver about 67 billion cubic meters of Russian natural gas to Europe annually.
The company “South Stream Transport” was created to build the marine part of the pipe. But after Gazprom decided to end the project, the Russian monopoly bought out the shares of Eni, EdF and Wintershall in the project. It was assumed that part of the assets of “South Stream Transport” could be used for the construction of “Turkey Stream”, TASS recalls.
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