Gazprom cancels South Stream contract with Saipem

Gazprom terminates the contract with Saipem on construction of South Stream / Photo from UNIAN

"Today, South Stream Transport BV has informed Saipem S.p.A. on termination of the contract on construction the first line of the offshore section of the pipeline, signed in the framework of the South Stream project in 2014," reads a late Wednesday statement by the Moscow gas exporter.

"In the near future, South Stream Transport BV will start negotiations with potential contractors for laying the first line of the Turkish Stream," the press service said.

As UNIAN reported earlier, Gazprom decided to suspend from July 1 the expansion of Southern Corridor, which was planned to feed Turkish Stream with gas.