Final investment decision adopted for South Stream offshore section

Milan (Italy) hosted yesterday a meeting of the South Stream Transport Board of Directors.The Board of Directors which includes representatives from Gazprom, Eni, EDF and BASF discussed the key issues of the South Stream project and adopted the final investment decision for the offshore gas pipeline section, Gazprom news release said.

“The South Stream project makes a great contribution to ensuring the European energy security. It allows creating alternative and reliable routes of natural gas supply to our consumers. Let me congratulate everyone on the decision made today by the Board of Directors. It marks the start of the South Stream project realization,” said Alexey Miller.

The meeting also approved incorporation of South Stream Transport B.V. in Amsterdam (the Netherlands). It was highlighted that the offshore section of South Stream would be built in line with the terms and conditions approved by the Board of Directors in early 2012.