A shareholder agreement for the offshore section of the South Stream project was signed in the presence of the Russian Federation Prime Minister Vladimir Putin within the International Investment Forum Sochi – 2011.

The agreement was signed by Gazprom Management Committee Chairman Alexey Miller, Eni Chief Executive Officer (CEO) Paolo Scaroni, BASF SE Member of the Board of Executive Directors Harald Schwager, and EDF Chairman and CEO Henri Proglio.

Pursuant to the agreement, Wintershall and EDF each acquired a 15 per cent stake in the offshore section of the South Stream project through a 30 per cent reduction of Eni's stake.

As a result, the shareholding structure of the South Stream project's offshore section is as follows: Gazprom – 50 per cent, Eni – 20 per cent, Wintershall Holding and EDF – 15 per cent each.

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Mr Miller said “Two new shareholders from Germany and France have entered into South Stream. Accession of large energy companies to the project is a clear indication that the European Union countries have acknowledged its relevance and necessity. No doubt, South Stream will not only create an additional route for safe and sustained Russian gas supplies to Europe, but also give a powerful impetus to the economic development of countries in central and south eastern Europe.”

Mr Scaroni said “Entry of two more European companies into the South Stream project is another step towards the consolidation of partnership relations between Europe and Russia.”

Mr Proglio said “Signing of this shareholder agreement has laid the cornerstone in the South Stream project that will fully benefit from this close co-operation with four largest global energy players, which are Gazprom, Eni, Wintershall and EDF. We work as a team to bring success to the project that will play a role in meeting the growing gas demand in Europe.”

The proposed South Stream gas pipeline will include a 900 km offshore section across the Black Sea from the Beregovaya compressor station on Russia’s southwest coast to the Bulgarian coast. From Bulgaria the pipeline will transport up to 63 Bcm/a of natural gas to south and central Europe.