Russia announces South Stream's final owners

6th September 2011, Comments 0 comments

Russia on Tuesday said Germany's petrochemicals giant BASF and the French electricity group EDF would each own a 15-percent stake in the Gazprom-led South Stream gas pipeline to Europe.

Gazprom chief Alexei Miller said the stake held by Italy's ENI would be reduced to 20 percent while the remaining 50 percent would be held as before by the Russian natural gas giant.

The pipeline is provisionally set to begin delivering gas under the Black Sea to Bulgaria and other southern European nations at the end of 2015.

The shareholder structure has been under review since the project -- which competes directly with the US-backed Nabucco pipeline -- was joined by BASF's hydrocarbon subsidiary Wintershall in a deal worth about $2 billion and then EDF.

Miller said the final shareholder agreement would be signed at a meeting in the Black Sea resort town of Sochi on September 16.

© 2011 AFP

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