Shareholders formally approve South Stream construction

The shareholder assembly of the South Stream Serbia company has made its final investment decision in favor of the construction of the pipeline in our country.

Izvor: Beta

Monday, 29.10.2012.

16:14

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BELGRADE The shareholder assembly of the South Stream Serbia company has made its final investment decision in favor of the construction of the pipeline in our country. Serbia has thus become the first state to commence the investment phase of the project, public enterprise Srbijagas Director Dusan Bajatovic stated. Shareholders formally approve South Stream construction The decision is also a guarantee that the pipeline will be built in Serbia, he added, and specified that the works would begin in December. The value of the pipeline's branch through Serbia, 470-kilometers long, is EUR 1.7bn. A news conference on Monday also heard that other countries taking part in the project - among them Hungary, Slovenia and Bulgaria - are expected to adopt a similar decision by November 15. South Stream will carry Russian natural gas under the Black Sea, via Bulgaria, Serbia and Hungary to Austria, and via Greece to Italy. The pipeline will have an overall annual capacity of 63 billion cubic meters, while its total value has been appraised at EUR 24bn. The capacity through Serbia will reach 40 billion cubic meter per year, while it is expected that Serbia will become a regional hub for natural gas supply. The pipeline will enter the country near the eastern town of Zajecar, and exit near Subotica in the north. Connecting pipelines will be built toward the Serb Republic, Croatia, and the Federation of Bosnia-Herzegovina. Once the pipeline is operational, Serbia is expected start collecting about half a billion euros in transit fees each year. South Stream will be built by a company where Russia's Gazprom holds a 50 percent stake, while the other half is owned by Italy's ENI, French EDF, and Germany's BASF. (Tanjug, file) Beta Tanjug

Shareholders formally approve South Stream construction

The decision is also a guarantee that the pipeline will be built in Serbia, he added, and specified that the works would begin in December.

The value of the pipeline's branch through Serbia, 470-kilometers long, is EUR 1.7bn.

A news conference on Monday also heard that other countries taking part in the project - among them Hungary, Slovenia and Bulgaria - are expected to adopt a similar decision by November 15.

South Stream will carry Russian natural gas under the Black Sea, via Bulgaria, Serbia and Hungary to Austria, and via Greece to Italy.

The pipeline will have an overall annual capacity of 63 billion cubic meters, while its total value has been appraised at EUR 24bn.

The capacity through Serbia will reach 40 billion cubic meter per year, while it is expected that Serbia will become a regional hub for natural gas supply.

The pipeline will enter the country near the eastern town of Zaječar, and exit near Subotica in the north. Connecting pipelines will be built toward the Serb Republic, Croatia, and the Federation of Bosnia-Herzegovina.

Once the pipeline is operational, Serbia is expected start collecting about half a billion euros in transit fees each year.

South Stream will be built by a company where Russia's Gazprom holds a 50 percent stake, while the other half is owned by Italy's ENI, French EDF, and Germany's BASF.

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