Saipem Rises After Signing South Stream Pipe Accord With Gazprom
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Saipem SpA, Italy’s largest oil-service provider, rose the most in a week in Milan trading after signing a 2 billion-euro ($2.8 billion) contract to build the first link in the South Stream natural gas pipeline to Europe.
Saipem climbed as much as 2 percent, the biggest intraday gain since March 4, and traded up 1.4 percent at 17.03 euros as of 3:02 p.m. local time. Construction of the subsea pipeline is due to begin in the European autumn, according to an e-mailed statement from Moscow-based OAO Gazprom, leading the project.