Gazprom and Srbijagas Agreement in the framework

Source: www.gulfoilandgas.com 5/15/2009, Location: Asia

In Sochi Alexey Miller, Chairman of the Gazprom Management Committee, and Dusan Bajativic, Director General of Srbijagas, signed a Basic Cooperation Agreement on implementation of the South Stream project on the territory of Serbia.

The document stipulates the principles of interaction between the parties on the pre-investment stage of the project and determine the conditions and rules for the creation, as well as operation mechanisms for joint venture (JV) that will be set up for the design, construction and operation of the Serbian section of South Stream. Gazprom will hold 51% in the JV, Serbiagaz – 49%.

The joint venture will prepare feasibility study for the gas pipeline on the territory of Serbia. The study will contain detailed assessment of all technical, legal, financial, environmental and economic characteristics and indicators of the project.

Until the final investment decision is made regarding the implementation of the South Stream project, management committee and joint working group, to be created by Gazprom and Srbijagas, will engage in detailed design of technical assignments in the framework of feasibility study preparation for Serbian pipeline section, as well as in regulating current activities of joint venture.


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