Amsterdam(the Netherlands) hosted today the ceremonial opening of the South Stream Transport headquarters.

Taking part in the event were Alexey Miller, Chairman of the Gazprom Management Committee, Henning Voscherau, Chairman of South Stream Transport Board of Directors, Marcel Kramer, Chief Executive Officer of South Stream Transport, as well as representatives of the Russian and European business communities.

 “The main task of South Stream Transport is the construction of the offshore gas pipeline section – the most technologically challenging stage of the project. I am confident that the professional attitude of South Stream Transport team will help successfully complete the project within the schedule,” said Alexey Miller.

 “We have built up a strong team of professionals from more than 15 different countries and Amsterdam is an excellent location for a company like South Stream Transport.

We are all looking forward to the upcoming construction phase of this exciting project and are determined to make it a success,” said Marcel Kramer.

Background

For the purpose of diversifying natural gas export routes Gazprom is constructing a gas pipeline across the Black Sea to Southern and Central Europe – the South Stream project.

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.

On September 16, 2011 the Shareholders Agreement of South Stream Transport was signed for implementation of the offshore gas pipeline section. According to the document, Gazprom holds a 50 per cent stake in the project, Italian Eni – a 20 per cent stake, German Wintershall Holding and French EDF – 15 per cent stakes each.

In the third quarter of 2011, the Consolidated Feasibility Study of South Stream was finalized and included the feasibility study of the offshore section and feasibility studies of the respective gas pipelines in the host countries of Southern and Central Europe.

On November 14, 2012 the meeting of the South Stream Transport Board of Directors adopted the final investment decision for the offshore section of the South Stream project.

On December 7, 2012 the South Stream gas pipeline construction started near Anapa in the Krasnodar Territory.

The first string of the offshore gas pipeline is to be commissioned in late 2015.