Pipeliners

May 18, 2009 – (UPI)  – SOCHI, Russia, - Gazprom officials signed a series of bilateral agreements at an energy summit in the Black Sea resort town of Sochi on the proposed South Stream gas pipeline.Delegates from Russia, Serbia, Italy, Greece and Bulgaria met in the Russian resort city to sign agreements on the South Stream gas pipeline. Planners expect South Stream to bring 1.1 trillion cubic feet of natural gas from Central Asia to Italy and Greece through the Balkans. Gazprom and its Serbian counterpart, Srbijagas, agreed on the terms of a joint venture for export design, construction and operational components of the South Stream leg through Serbian territory, with Gazprom holding the 51 percent majority. A similar agreement was reached with Italy's ENI. Meanwhile, Gazprom agreed to comparable terms for South Stream on a parity basis with DESFA SA, the Greek gas transmission operator.  An agreement with Bulgaria requires Gazprom and the Bulgarian Energy Holding Co. to conduct independent investment decisions on South Stream based on feasibility studies on the project. Sofia had lashed out at Russian gas monopoly Gazprom for politicizing the issue of South Stream, though Moscow inevitably backed down on demands to use Bulgarian infrastructure for gas exports. Gazprom stated the project companies will take part in feasibility and design studies on South Stream until final investment decisions are made.