Italian Eni energy company, Gasprom’s partner in the South Stream project, does not rule out leaving the project, if size of the required investments grows, TACC quoted Claudio Deskalzi, ENI CEO, as saying.
“ENI will continue being involved in the South Stream project, if the sum of required investments does not exceed 600 million Euro, otherwise, we will consider the possibility of leaving the project,” said Deskalzi.
He said the other project participants, including French EDF and German Wintershall AG, have problems with borrowing money for funding. “ENI would not be able to invest 2.4 billion Euro, because it is very risky for its financial balance,” Deskalzi added.
He specified that ENI is forced to amend the strategy, because “our company is doing well, but we do not have a possibility to do business demanding a big volume of liquidity.”
Local mass media have offered ENI to drop out of the South Stream project, especially considering that the EU is trying to block the project implementation. The talks between Russia and EU to solve legal issues have been suspended, because of the situation in Ukraine. European Commission believes that the South Stream is a very expensive “additional gas pipeline” in the current difficult economic situation.
