A.Miller and P.Scaroni to discuss construction progress of South Stream

The chairman of the Board of Management of OAO “Gazprom” A.Miller and the chief head of ENI Paolo Scaroni discussed the progress of the gas pipeline South Stream's construction implementation, the press-service of Gazprom stated. The parties agreed that the implementation of the project is carried out in strict accordance with the scheduled terms. Besides, the participants of the meeting have also discussed the matters, concerning an entering of the companies EDF and Wintershall Holding into the shareholder’s composition of a joint company, responsible for an implementation of an offshore project of the South Stream. The parties have also discussed an agreement on the purchase of gas of OOO “SeverEnergy”.

Italy is one of the main importers of the Russian gas to Europe. In 2010, Gazprom supplied 13.05 billion cubic meters of gas to Italy. South Stream AG, a SPE, was registered in Switzerland on January 18, 2008. The parent companies on a parity basis were ENI and Gazprom. On June 19, 2010 Gazprom, ENI and EDF signed a trilateral memorandum, which define concrete steps on entering the French company into the shareholders structure of a joint designed company.

On March 21, 2011, Gazprom and Wintershall Holding GmbH signed a memorandum of understanding on the South Stream project, which considers a joining of the German company to an implementation of an offshore site of the project.

51% of OOO “SeverEnergy” belongs to the company “Yamal razvitiye” (Gazpromneft and NOVATEK own the enterprise on a parity basis). The owner of 49% of SeverEnergy is Arctic Russia B.V., a joint enterprise of Italian ENI (60%) and Enel (40%).

SeverEnergy owns 100% of OAO “Arcticgas”, ZAO “Urengoil Inc.”, OAO “Neftegastechnologiya”. The companies own licenses for development and production at oil-and-gas condensate deposits in the Yamalo-Nenets Autonomous Area, such as the Samburgsky, Evo-Yakhinsky, Yaro-Yakhinsky and Severo-Chaselsky sites. The reserves of the sites of ABC1+50% C2 make up 919 billion cubic meters of gas, 330 million tons of oil and 109 million tons of condensate.

http://www.oilru.com/news/275696/

Translated by Iraida Idiyatova