Gazprom and Srbijagas Set up JV for South Stream

Source: www.gulfoilandgas.com 10/20/2009, Location: Asia

As part of the working visit by the Russian Federation President Dmitry Medvedev to the Republic of Serbia, Alexey Miller, Chairman of the Gazprom Management Committee took part in the meeting with Serbian President Boris Tadic in Belgrade.

Alexey Miller and Dusan Bajatovic, Director General of the state-owned Srbijagas signed in the presence of Dmitry Medvedev and Boris Tadic the Protocol on the Serbian section of the South Stream project. The document provides that within 30 days the parties will set up a joint engineering company (JEC), South Stream Serbia AG, to deal with engineering, construction and operation of the South Stream gas pipeline in Serbia. Gazprom will hold 51 per cent in the JEC, Srbijagas – 49 per cent.

In addition, Alexey Miller and Dusan Bajatovic signed the Agreement on Setting Up a Joint Venture for the Banatski Dvor UGS Facility. The Agreement defines the procedure, terms and conditions of incorporation, as well as the operating mechanisms for the joint venture to be responsible, inter alia, for the construction and operation of an underground storage with the active capacity of 450 million cubic meters. The shareholding structure in the Banatski Dvor UGS joint venture is as follows: Gazprom – 51 per cent, Srbijagas – 49 per cent.

“South Stream and Banatski Dvor are the projects of strategic importance to the entire Southeastern Europe. Once constructed, the transnational gas pipeline will diversify the Russian gas export routes and cut the transit risks, while the UGS facility will help optimize the amount of hydrocarbons supply in line with seasonal fluctuations.

Comprehensive execution of the projects will reinforce Serbia’s energy security, provide the financial, resource and technological basis for the country’s industrial development making it a key player on the Balkan gas market,” stated Alexey Miller.


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Related Categories: Civil Works  Civil Works - Finishing works  Construction Contractors  Electrical Works  Engineering Procurement and Construction (EPC)  Engineering Procurement and Construction Management (EPCM)  General  Mechanical Works  Pipe Lines Installations  Steel Works 

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