Saturday, May 16, 2009

South Stream gas pipeline gets sign off

After considerable uncertainty and conjecture over the last 12 months which Antipodes highlighted here, the basic agreement for the construction of the part of the gas pipeline South Stream which runs through Greek territory has been signed between the chief executive of Gazprom, Alexey Miller and the president of Greek company DESFA, Nicholas Mavromati and managing director Panagiotis Kanellopoulos in Sochi, Russia. Also present at the signing was Greek Minister of Development, Costis Hatzidakis.

As announced by the two companies, the agreement sets out the principles for cooperation between the parties during the pre-investment phase of the project and defines the conditions and rules regarding the construction and operating mechanisms of the consortium. The design, construction and operation of the project will be established on an equal basis between the two entities.

The consortium will also prepare a feasibility study for the pipeline. This study will include a detailed evaluation of all technical, legal, financial, environmental and economic characteristics and indicators of the project.

Source: ANA-MPA

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