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October 28, 2010

Feasibility study for South Stream section in Serbia to be shortly finalized

The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Dusan Bajatovic, Director General of Srbijagas.

The parties considered the current issues of the Russian-Serbian energy cooperation. Particular attention was paid to the joint gas projects implementation: South Stream, the Banatski Dvor UGS facility and extension of the contract for gas supply to Serbia.

The meeting noted that the feasibility study (FS) being prepared for the Serbian section of South Stream and containing assessments of the pipeline’s technical, legal, environmental, financial and commercial features was progressing on schedule and would be finalized before long.

Alexey Miller and Dusan Bajatovic were unanimous that construction of the transnational gas pipeline and the new gas storage site in Serbia would not only meet the Europe-wide challenge on securing extra gas volumes, but would also contribute greatly to the national gas transmission system development guaranteeing energy security in the country.



In 2009 Gazprom supplied Serbia with 1.7 billion cubic meters of natural gas.

Founded on October 1, 2005 by the Government of the Republic of Serbia within the reorganization of the state-owned Naftna Industrija Srbije (NIS), Srbijagas is the state-owned company dealing with natural gas transmission, distribution and storage in Serbia.

For the purpose of diversifying natural gas export routes Gazprom plans to construct a gas pipeline across the Black Sea to South European and Central European countries – the South Stream project.

On January 25, 2008 Russia and Serbia signed the Umbrella Intergovernmental Agreement for the South Stream project and the Banatski Dvor UGS facility.

On May 15, 2009 Gazprom and Serbian state-owned company Srbijagas signed the Basic Agreement of Cooperation for the South Stream project in Serbia. The document sets the specific principles of interaction between the parties at the pre-investment stage and determines the conditions and the procedure of incorporation as well as the operation mechanisms for the joint project company.

In November 2009 the South Stream Serbia AG registration was accomplished. Gazprom holds a 51 per cent stake in the company and Srbijagas – a 49 per cent stake.

On December 24, 2008 Gazprom and Srbijagas inked the Memorandum of Understanding on cooperation in  gas storage as part of the Banatski Dvor UGS project.

In October 2009 the Agreement on setting up a Joint Venture for the Banatski Dvor UGS Facility was signed.

The joint venture responsible for construction and operation of an underground storage with the working gas capacity of 450 million cubic meters was registered in  February 2010. The JV has the following shareholding structure: Gazprom – 51 per cent, Srbijagas – 49 per cent.

The Banatski Dvor UGS facility will be created on the basis of the eponymous depleted gas field situated 60 kilometers to the north-east of the Novi Sad town.




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