cum arata South Stream in viziunea Gazprom

2009/07/27

South Stream

Significance

The South Stream project is aimed at strengthening the European energy security. It is another real step toward executing the Gazprom strategy to diversify the Russian natural gas supply routes. The new gas pipeline system meeting the latest environmental and technological requirements will significantly raise the energy supply security of the entire European continent.

South Stream’s offshore section layout

Route

The project provides for South Stream’s offshore section to run under the Black Sea from the Russian coast (Beregovaya compressor station) to the Bulgarian coast. The total length of the offshore section will be around 900 km, maximum depth — over two km and full capacity — 63 bcm. Two possible routes are under review for South Stream’s onshore section from Bulgaria- one, northwestwards and the other, southwestwards.

Blue Stream project success – an example of efficient cooperation between Gazprom and ENI

Environmental Compliance

When executing the project Gazprom and ENI will apply state-of-the-art technologies and comply with the strictest environmental requirements.

Project History

In November 2006 Gazprom and Eni entered into the Strategic Partnership Agreement providing Gazprom with the opportunity to directly supply Russian gas to the Italian market starting from 2007. Gas supply volumes will be gradually increased to 3 billion cubic meters per annum by 2010. Under the Agreement the existing contracts for Russian gas supplies to Italy have been extended till 2035.

On June 23, 2007, Gazprom and Eni concern inked the Memorandum of Understanding for the South Stream project implementation. The MoU sets the areas of cooperation between the two companies in designing, financing, constructing and managing the South Stream.

On September 6, 2007, Gazprom set up a Coordinating Committee for the South Stream project. On November 22, 2007, Gazprom and Eni signed a Supplement to the MoU for the South Stream project.

On January 18, 2008, South Stream AG, a special purpose company was registered in Switzerland. South Stream AG was incorporated by Gazprom and Eni on a parity basis.

On January 18, 2008, Russia and Bulgaria sign an inter-governmental agreement providing for Bulgaria’s participation in the South Stream project.

On January 25, 2008 the Umbrella Intergovernmental Agreement for the South Stream project and the Banatski Dvor UGS project was inked.

On February 25, 2008 Gazprom and Srbijagas signed the Agreement of Cooperation to implement a gas pipeline construction project for natural gas transit across the territory of the Republic of Serbia.

In February 2008 Russia and Hungary signed the Intergovernmental Agreement envisaging Hungary’s engagement into the South Stream gas transmission system project.

On April 29, 2008, Russia and Greece sign an agreement to construct the South Stream gas pipeline section in Greece.

On May 29, 2008, Gazprom’s expert analysis report pointed to the expediency of shifting to the investment substantiation stage. Based on the results of the investment feasibility a decision with regard to advancing to the investment stage will be taken.

On December 24, 2008, Gazprom and state-owned Srbijagas sign Principle Conditions of the Basic Cooperation Agreement for constructing the South Stream gas pipeline and natural gas transmission across Serbia, as well as a Memorandum of Understating for the cooperation in gas storage within the Banatski Dvor project.

On March 10, 2009, Gazprom and Hungarian Development Bank (MFB) sign a Basic Cooperation Agreement within the South Stream project implementation.

On May 15, 2009, Gazprom and Bulgarian Energy Holding sign Cooperation Agreement in the framework of South Stream project implementation.

On May 15, 2009, Gazprom and DESFA sign Basic Cooperation Agreement in the framework of South Stream project implementation.

On May 15, 2009, Gazprom and Srbijagas sign Basic Cooperation Agreement in the framework of South Stream project implementation.

On May 15, 2009, Gazprom and ENI sign 2nd Addendum to MoU on further actions as part of South Stream project.

sursa: Gazprom

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