🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Gazprom, Eni disagree over South Stream role

Published 05/07/2009, 01:48 PM
Updated 05/07/2009, 01:56 PM
ENI
-

By Alberto Sisto

ROME, May 7 (Reuters) - A dispute has erupted between Italian oil major Eni SpA and Russian state-controlled Gazprom over the role Eni will play in the South Stream gas pipeline, an Italian government source said on Thursday.

The Gazprom-led project aims to bring Russian, Caspian and Central Asian gas to Europe and is a rival to the European Union-backed Nabucco pipeline, which aims to reduce European reliance on Russia for its energy supplies.

Eni and Gazprom are 50 percent partners in the company which is conducting feasibility studies for the pipeline, but the Italian oil and gas producer's final role in the pipeline has not been defined.

The government source said Eni wants to be able to market gas from the pipeline in the countries the pipeline will pass through but that Gazprom was only offering the right to bring gas into Italy and a role in managing the pipeline.

"The Italian group wants to enter into the second phase of the project, that of selling the gas in the countries the pipeline will pass through... the Russians are putting up opposition, the talks are, however, still fluid," the source said.

Eni did not want to comment. A Gazprom spokesman declined immediate comment.

The Italian Prime Minister Silvio Berlusconi and his Russian counterpart Vladimir Putin are slated to meet at Sochi in Russia on May 15.

A previous meeting in April, when a statement on South Stream was expected, had been cancelled because of the Italian earthquake in Abruzzo.

The disagreement is the latest setback for the project, which had appeared to be speeding ahead of Nabucco, following Nabucco's difficulties in securing gas supplies.

On Wednesday, a source familiar with the situation said plans for Russia and the transit countries to sign an agreement on South Stream next week in Sochi were in doubt after the parties failed to agree on terms.

However, Serbian state gas company Srbijagas will sign a deal with Russia's Gazprom on May 15 on Serbia's participation in the South Stream gas pipeline, a spokesperson with Serbia's Energy Ministry said on Thursday.

No one from the Slovenian Ministry of Economy, which is in charge of the South Stream pipeline in Slovakia, will attend a signing ceremony in Sochi next week, an official said.

Eni and Gazprom have signed a series of Memoranda of Understanding on the development of the South Stream project since 2007.

South Stream will pass under the Black Sea and through Bulgaria, Serbia and Slovenia to Austria.

(Additional reporting by Tom Bergin in London; writing by Stephen Jewkes and Tom Bergin; editing by Simon Jessop)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.