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

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

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