Gazprom Buys Out South Stream Pipeline Partners

GALWAY, IRELAND--January 7, 2014 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) Russian oil and gas giant, Gazprom (PINK:OGAZPY) (Moscow, Russia), has bought up the 50% of shares it did not already own in the cancelled $40 billion South Stream Transport gas pipeline.

The state-owned company has agreed to buy the shares from its former partners including Italy's Eni SpA (Rome, Italy), Electricite de France (EDF) (Paris, France) and the Wintershall unit of Germany's BASF SE (XETRA: BAS) (Ludwigshafen, Germany) for an undisclosed sum.