Shareholders sign agreement on South Stream in Sochi

Gazprom, German company BASF, French EdF and Italian ENI signed a joint agreement today on the South Stream pipeline project in the framework of the 10th International Investment Forum in Sochi, ITAR-TASS reports.

Gazprom is the largest shareholder of the South Stream, with a share of 50 percent. Germany's BASF and France's EdF own 15 percent each and the share of Italy's ENI is 20 percent.

The South Stream is a project for construction of a pipeline under the Black Sea to Bulgaria and from there to Serbia, Hungary, Slovenia, Austria and northern Italy.The project cost is estimated at 15.5 billion euros.

Commissioning of the pipeline is scheduled for December 2015.

Today President of Ukraine Viktor Yanukovych proposed Russia to locate part of the Southern Stream pipeline on the territory of Ukraine. Deputy chairman of Gazprom Valery Golubev said that this proposal makes no economic sense.