According to Bloomberg, Russian natural gas company Gazprom cancelled Saipem’s contract after facing a number of undisclosed challenges. This decision comes the week after Russia gave the Italian contractor permission to anchor its pipelaying vessel near Anapa.
The Turkish Stream project will consist of four lines, each with the capacity to carry 15.75 billion bcm (556 bcf) per year. Once completed, the Turkish Stream will transport Russia gas to Europe and bypass Ukraine as a transit country.
The contract was originally signed under the South Stream pipeline before being scrapped after Russia’s relations with the European Union hit a low point over the crisis in Ukraine. Completion of the contract would have added about $94 million to the Saipem’s earnings before interest and taxes in 2015.
For more news and information on Russia, click here.
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
This website uses cookies.