Dec. 29, 2014, 4:49 PM
- Gazprom (OTCPK:OGZPY) is buying out the 50% stake in South Stream Transport project it didn't own from partners ENI, BASF (OTCQX:BASFY), and EDF, following Vladimir Putin's Dec. 1 decision to cancel the South Stream pipeline project, citing EU objections.
- The purchase price hasn't been disclosed, but ENI, BASF, and EDF have said they're recovering their investments. South Stream, which aimed to transport gas across the Black Sea from Russia to Bulgaria (and thus bypass Ukraine), was expected to have a $40B+ price tag if finished.
- Following Putin's move, Gazprom has proposed building a Black Sea pipeline that would deliver gas to Southern Europe via Turkey.
GZPFY vs. ETF Alternatives
Gazprom Neft is a vertically integrated Russian oil company. Its principal activities concern oil and gas exploration, production, refining and marketing. Co. conducts its operations through the following subsidiaries: Noyabrsk, engaged in the exploration, production and development of oil and... More
Other News & PR