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France’s EdF joins South Stream gas pipeline project

27 Apr 2010 12:25 (+01:00 GMT)
EdF joins South Stream gas pipeline project

London, 27 April (Argus) — French state-controlled utility EdF will take a 20pc stake in the 63bn m³/yr South Stream gas pipeline project after Russia's state-controlled Gazprom and Italy's Eni each agreed to cut their shares.

Russian prime minister Vladimir Putin confirmed the entry of EdF in the project and the reduced stakes of Gazprom and Eni in Ukraine yesterday.

The South Stream project company was formed as a joint venture between Gazprom and Eni in January 2008.

Gazprom and Austria's OMV signed a framework co-operation agreement for the South Stream project last week, covering the Austrian section of the pipeline. The firms will develop a feasibility study for the Austrian section of the pipeline, with a minimum capacity of 5bn-10bn m³/yr, and will establish a joint engineering company for the design, financing and construction of the Austrian section.

OMV is also expected to take 2bn m³/yr of long-term gas supply delivered through the pipeline.

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