MOSCOW -- Wintershall is to take a 15% stake in South Stream AG, the company that will construct and install the Black Sea section of the South Stream gas pipeline.
The chairmen of Gazprom and Wintershall’s parent company BASF signed a memorandum of understanding, which also sets forth long-term supply agreements in southeast Europe for the joint natural gas trading company Wintershall Erdgashandleshaus Zug.
South Stream will take Russian gas to southern and central Europe, and could come onstream in 2015. The project involves constructing four parallel 940-km (584-mi) pipelines conveying supplies via the Black Sea, with a planned total capacity of 63 bcm/yr (2.2 tcf/yr).
Wintershall joins South Stream consortium