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Eni to sell stake in South Stream Transport

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MILAN, Italy, Dec. 29 (Xinhua) -- Italy's energy company Eni said in a statement on Monday it has entered into an agreement for the sale of its 20 percent stake in South Stream Transport to Russian energy giant Gazprom.

South Stream Transport was established to build the offshore section of the South Stream gas pipeline, which would have brought gas to Europe under the Black Sea but was cancelled earlier this month.

Following the transaction, Eni, controlled by the Italian Ministry of Economy and Finance, will recover the capital invested to date in the project, calculated coherently with existing agreements, the statement said.

Before the agreement, South Stream Transport was owned by Gazprom with a share of 50 percent, by Eni with a share of 20 percent, and German oil and gas producer Wintershall and French energy supplier Electricite de France (EDF) with a share of 15 percent each.

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