Saipem Settles South Stream Dispute

Laxman Pai
Tuesday, April 23, 2019

South Stream Transport, which is responsible for the construction and operation of the TurkStream Offshore Pipeline, and the Italian oil and gas industry contractor Saipem have settled the arbitration concerning the South Stream offshore pipeline installation contract entered into on March 14, 2014.

The subsidiary of Italian energy company Eni said in a release that the companies have positively ended their negotiations signing an agreement to amicably settle the arbitration.

In December 2014, Russia, citing the EU's unconstructive position, gave up on South Stream in favor of a new gas pipeline toward Turkey (TurkStream). Saipem was supposed to have taken part in laying the South Stream.

The request  for arbitration against South Stream Transport was served at the ICC of Paris.

The South Stream Offshore Gas Pipeline through the Black Sea will be a key link between Russia and the European Union,  for a total value of approximately EUR 2 billion.

Categories: People & Company News Legal Offshore Energy Pipelines Pipe

Related Stories

TotalEnergies Extends LNG Supply Agreement with CNOOC Until 2034

ADNOC Signs 15-Year LNG Supply Deal with Indian Oil

Allseas Hooks $180M Pipeline Installation Job Offshore Philippines

Santos Pens Mid-Term LNG Supply Deal

LNG Carriers Line Up At Malaysia's Bintulu Complex After Maintenance

Indonesia Green Lights Eni Gas Projects

Izomax Wins a Milestone Contract with Shell

SLB, Palo Alto Networks Expand Cyber Connection

China’s First Offshore Wind Power SOVs Delivered

Woodside and Taiwan’s CPC Ink Long-Term LNG Supply Deal

Current News

Valeura Energy Consolidates Thai Oil and Gas Assets

TotalEnergies Inks 15-Year LNG Supply Deal with China’s Sinopec

Shelf Drilling Secures $200M Contract Extensions with Chevron for Thailand Ops

Floating Wind and the Taming of Subsea Spaghetti

Impending Shortage of Jackups within Ageing Asia Pacific Fleet

Equinor Tries Again for a Japan Offshore Wind Lease

Yinson Production Concludes Minority Stake Sale in FPSO Anna Nery

Sunda Energy Pushes Back Chuditch-2 Appraisal Well Drilling Date

CNOOC Starts Production at Another Oil Field in South China Sea

ABS Takes Charge of Digital Twin Project for Petrobras’ FPSOs

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com