20911
Italy Loses $2.2b Gazprom Deal
Energy

Italy Loses $2.2b Gazprom Deal

Saipem SpA, Italy’s biggest oil-services contractor, lost a $2.2 billion contract to lay a Russian natural-gas pipeline under the Black Sea after its fleet waited seven months for the work to start.
Russia’s OAO Gazprom canceled the deal because it could not agree with Saipem on terms, Sergei Kupriyanov, a spokesman for the Moscow-based company, was quoted by World Bulletin as saying.
Saipem had expected to start work on the project, called Turkish Stream, in June. The contract had been transferred from the scrapped South Stream pipeline, which was abandoned at the end of last year as Russia’s relations with the European Union soured over the conflict in Ukraine.
Saipem, controlled by Italian oil producer Eni SpA, confirmed the cancellation in a statement on Thursday, citing a contractual clause of “termination for convenience,” Worldbulletin reported.
The cancellation comes only a week after Russia approved access for Saipem’s ships to lay pipes in the Black Sea. The government is keen to press ahead with the Turkish Stream project, which it sees as an alternative to South Stream and would run to Turkey instead of through Bulgaria, bypassing Ukraine.

 

Short URL : http://goo.gl/t5XWDu

You can also read ...

Turkey Cuts Iran Oil Imports
Turkey’s biggest oil importer Tupras has cut back purchases of...
US Oil Industry Lobbies Against Russia Sanctions
The US oil and gas industry is lobbying against tighter...
Lack of Wind Jeopardizes UK Turbine Investments
It has been a stifling summer of disappointment for investors...
Tabriz Refinery Signs Tail Gas Agreement
Tabriz Oil Refining Company signed a $12 million agreement on...
Kuwaiti Crude Heading for Japan
Kuwait's newly launched Super Light crude oil is increasingly...
MAPNA Ready to Increase Installed Power Capacity
Iran's top engineering and energy enterprise MAPNA Group is...
EOR Operations Underway at North Yaran Oilfield
Operations are underway to increase oil production at North...
ICOFC Intends to Boost Gas Condensate Output
The state-owned Iranian Central Oil Fields Company plans to...

Trending

Googleplus