Gazprom to Buy Out Partners in Canceled South Stream Project
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OAO Gazprom, the world’s biggest natural-gas exporter, agreed to buy the 50 percent it doesn’t own in South Stream Transport BV from Italy’s Eni SpA, Electricite de France SA and the Wintershall unit of Germany’s BASF SE.
No purchase price was disclosed in statements issued by EDF, BASF, Eni and Moscow-based Gazprom. Eni, owner of a 20 percent stake, and BASF and EDF, which each own 15 percent stakes, said they’re recovering their investments in the proposed $45 billion Black Sea pipeline that Russia scrapped this month.