South Stream Shareholders Confirm Schedule for Offshore Pipeline

Shareholders of South Stream Transport B.V. held a meeting where they discussed and confirmed the implementation of a number of the Shareholders Agreement terms and conditions, including the company’s long-term business plan draft approval and the Gas Transmission Agreement between Gazprom Export and South Stream Transport B.V.

Shareholders Meeting confirmed the decision to continue the large-scale construction of South Stream’s four offshore gas lines with a total throughput capacity of 63 billion cubic meters, as well as shareholders’ financing provision in the amount needed for building South Stream’s offshore section.  The shareholders approved the detailed construction schedule for the South Stream Offshore Pipeline, confirming the commissioning of the first of the four pipelines by end the of 2015.

The offshore section of the South Stream gas pipeline will run under the Black Sea from the Russkaya compressor station on the Russian coast to the Bulgarian coast. The total length of the Black Sea section will exceed 900 kilometers, its maximum depth will be more than two kilometers, annual design capacity – 63 billion cubic meters.

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LNG World News Staff, October 6, 2013; Image: Gazprom