Project Companies
The pipeline will be built and operated by several project companies. For the construction and operation of the offshore section of South Stream originally two companies were established, both in Zug in Switzerland with the share capital of 100,000 CHF. South Stream AG, a joint venture between Gazprom and Eni was incorporated on 18 January 2008, and South Stream Transport AG, a joint company of Gazprom, Eni, Électricité de France, and Wintershall was incorporated on 3 October 2011. Head of South Stream Transport AG is Marcel Kramer, former chief executive officer of the gas transportation company Gasunie. Gazprom owns 50% of shares of South Stream Transport AG, Eni 20%, and Électricité de France and Wintershall 15% both. In November 2012, it was decided to incorporate South Stream Transport B.V., the current project company, in Amsterdam. Earlier Eni had registered in Amsterdam a company named South Stream BV, but in February 2012 it was renamed Eni JPDA 11-106 BV.
The Bulgarian section of the pipeline will be built and operated by a joint venture of Gazprom and Bulgargaz and the Serbian section by the joint venture of Gazprom and Srbijagas. The Hungarian section will be built and operated by the equally owned joint venture between Gazprom and the state-owned Hungarian Development Bank MFB, which will buy the elaborated feasibility study of Hungarian section from SEP Co., a joint venture of Gazprom and MOL. The Slovenia section will be built and operated by an equally-owned joint venture of Gazprom and Geoplin Plinovodi. For construction of the Croatian section a 50-50 Russian-Croatian joint company will be established.
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