CANNES, France — Gazprom will sign a deal with French utility EDF next week on the latter taking a stake in the multibillion-euro South Stream gas pipeline project, the head of exports at the Russian energy firm said Thursday. Italy's ENI and Russian giant Gazprom are partners in the 20 billion euro plus project and said they had offered French utility EDF a 20 percent stake.
Asked where a deal might be signed, Gazprom's Alexander Medvedev said on the sidelines of a European Business Congress: "It will be in St. Petersburg."
The International Economic Forum will take place in St. Petersburg on June 17 to 19.
Medvedev added that Gazprom was still in negotiations with EDF regarding its stake in the pipeline project.
Construction of the South Stream pipeline, which will transport up to 63 billion cubic meters of gas a year, will start in the first half of 2012.
European Union politicians see it as a rival to the Brussels-backed Nabucco pipeline, which will bring Caspian and Central Asian gas to Europe, bypassing Russia.
South Stream aims to transport gas from Russia under the Black Sea to the Balkans and into Europe.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.