Gazprom to transfer another 75 mln euro into the registered capital of South Stream Transport

​The Board of Directors of Gazprom has approved the deal on the additional transfer of 75 mln euro into the registered capital of South Stream Transport, the company reports.

The company –operator was founded for the construction of the offshore part of South Stream. However, after Gazprom’s decision to shut down the project, Gazprom purchased the stakes of Eni, EdF and Wintershall in the project.

Now Gazprom plans to construct the alternative gas pipeline via the bottom of the Black Sea which will ship gas from Russia to Turkey, and then to Europe – Turkish Stream. A part of the assets of South Stream Transport might be used at the construction of Turkish Stream.

On March 2nd the Board of Directors of Gazprom decided to additionally capitalize the company –operator South Stream Transport B.V. for the total amount of 569.4 mln euro. 109.7 mln euro was transferred to the capital in Q4 2014, 459.7 mln euro will be transferred in Q1 2015.