Gazprom obtained 50% in the JV for the Austrian site of South Stream

Gazprom OAO has entered into its book 50% in the company-operator of South Stream (South Stream AG) registered in Switzerland, the Russian company reports.
The joint project company South Stream AG was registered in Jan 2008. Gazprom and Eni are its founders on the parity basis. In November 2009 Gazprom and EDF signed a memorandum of understanding presupposing the possibility of EDF’s joining the project of construction of the sea part of the gas pipeline South Stream. In June 2010 Gazprom, Eni and EDF signed a 3-party memorandum determining certain steps on the group’s joining the shareholders of South Stream AG. The memorandum presupposes that EDF will join on the account of a stake of Eni in the JV, EDF stake won’t be less than 10%.
In March 2011 Gazprom and BASF SE signed a memorandum of understanding regarding the South Stream presupposing the joining of Wintershall Holding GmbH (a 100% affiliate of BASF) to the realization of the sea part of the project. The memorandum states that the stake of Wintershall Holding GmbH in South Stream AG will be 15% with keeping Gazprom’s 50% package.
The total project capacity of the sea part of the South Stream will reach 63 bln cubic meters a year. The sea part of the gas pipeline is planned to go by the bottom of the Black Sea from the compressor station Russkaya on the Russia’s coast to the coast of Bulgaria. Its total length is about 900 km, the maximum depth – more than 2 km. 

http://www.oilru.com/news/263715/
Translated by Galiya Davletgareeva