ECONOMY


Gazprom cancels Turkish Stream pipeline contract with Italy’s Saipem

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Baku, July 12, AZERTAC 

Russia’s Gazprom has canceled a contract with Italian oil and gas contractor Saipem to build the first line of “South Stream,” a project to build a gas pipeline beneath the Black Sea, according to Hurriyet Daily News.

“Today, South Stream Transport B.V. informed Saipem S.p.A. of the termination of the contract for the construction of the first line of the offshore section of the pipeline, signed in the framework of the project ‘South Stream’ in 2014,” said Gazprom.

The cancellation notice sent to the Italian oil and gas industry contractor cited the failure to reach agreement on a number of issues related to the implementation of the Turkish Stream project.

The proposed Turkish Stream pipeline project is planned to carry Russian natural gas under the Black Sea to Turkey's northwestern Thrace region to reach Greece and to further travel on to reach Europe.

The offshore part of Turkish Stream will consist of four pipelines, each with a capacity of 15.75 billion cubic meters. The first of the four pipelines is planned to supply gas for Turkey's domestic use.

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