Gazprom cancels Saipem pipeline contract

The company will no longer lay the first line of subsea pipeline South Stream

Gazprom has informed Saipem that it is cancelling the contract to lay the first line of the subsea pipeline South Stream that was concluded in 2014, it said 8 July. “The decision has been dictated by the impossibility of reaching an agreement on many practical and commercial questions to do with the execution of the Turkish Stream project,” the Russian exporter said. However, other work is continuing and in the very near future, South Stream Transport will enter into talks with possible contractors for laying the first line of Turkish Stream, it said. South Stream Transport morphed into the project company for Turkish Stream when Russia’s president, Vladimir Putin, resolved to scrap South St