Prodi Drawn Into South Stream
Gazprom CEO Alexei Miller meets in Rome today with Italian Prime Minister Romano Prodi to deliberate on the South Stream project that provides for laying a gas pipeline from Russia to Italy worth $14 billion. The sources say Miller may urge Prodi to take over Swiss-incorporated South Stream AG. According to analysts, Gazprom is following the scenario tested on Nord Stream, where German ex-chancellor Gerhard Schroeder chairs the holders’ board.
It emerged that Gazprom CEO Alexei Miller goes to Rome April 28 to meet with Italy’s Prime Minister Romano Prodi, who steps down in early May. The visit was confirmed by Gazprom, and the sources say that its purpose is to propose to Prodi to head the South Stream project, which Gazprom implements 50/50 with Italian Eni.
Alexei Miller and Eni CEO Paolo Scaroni inked in the Kremlin November 22, 2007 a supplement agreement to the understanding memorandum of June 23, 2007, specifying the Swiss incorporation for South Stream AG. Eni and Gazprom will own the venture pari passu, but the share of Italian company may narrow if any other parties join the project, Scaroni said at that time.
South Stream is projected to pump 30 billion cu meters starting from 2013. Bulgaria, Serbia, Hungary and Slovenia have already sealed intention memoranda to join South Stream. Miller is expected to deliberate on all range of questions in Rome, starting from the asset swap with Eni and Enel to details of the progress in project implementation.
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All the Article in Russian as of Apr. 28, 2008
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