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Gazprom & Serbia Sign Final Investment Decision on S.Stream

Source: www.gulfoilandgas.com 10/29/2012, Location: Asia

A Gazprom delegation led by Leonid Chugunov, Head of the Company's Project Management Department paid a working visit today to the Republic of Serbia.

As part of the visit the general shareholders meeting took place at South Stream Serbia AG, the joint project company of Gazprom and Srbijagas. The meeting adopted the final investment decision on the South Stream project.

“A year ago we commissioned South Stream's first facility – the Banatski Dvor underground gas storage that shaved gas consumption peaks in Serbia during anomalously cold weather. Transitioning to the investment stage at the Serbian section, ahead of all the other countries, will provide new opportunities for the national economy growth as well as secure a long-lasting benefit related to our participation in the project. According to provisional estimates, South Stream will create in Serbia approximately 2,200 workplaces and attract up to EUR 1.5 billion of direct investments,” said Leonid Chugunov.

“It is a pleasure to us that the Republic of Serbia is the first South Stream member country to adopt the final investment decision. The project is within the schedule and enjoys full backing of our Government. We will be ready to start preparation operations for South Stream in Serbia soon. It is obvious that South Stream is a project of national significance and we are elaborating a relevant regulation on the project. Moreover, the project will assure energy security and additional budget revenues for Serbia, create the environment for new projects in the energy and chemical industries that will boost the inflow of investments and new jobs creation,” said Dusan Bajatovic, Director General of state-owned Srbijagas.

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