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EdF confirms talks on South Stream with Russia
16.09.2009 23:00
EdF confirms talks on South Stream with Russia

Pierre Gadonneix, the CEO for Electricite de France confirmed the company is in talks with the Russian authorities about joining the South Stream project. EdF possible participation in the project was one of the key topics discussed by the prime ministers of the two countries during the meeting held on the 14th of September.
      According to the Kommersant newspaper, the French company may take a 10% stake in the operator of the project, which is currently controlled by Russian Gazprom and Italian Eni on 50/50 basis.
      The cooperation agreement between Gazprom and EdF is likely to be signed during the visit of Gazprom's CEO Alexei Miller to France scheduled the end of September.
      The South Stream project , the projected capacity of 47-63 cubic metres of gas a year, will be completed in 2013.
      Initially EdF's plans included investing in Nabucco pipeline, which is to feed Europe with Asian gas, but the shareholders of the project preferred German RWE to the French company.
      The South Stream project is aimed at strengthening the European energy security. The project provides for South Streams offshore section to run under the Black Sea from the Russian coast (Beregovaya compressor station) to the Bulgarian coast. The total length of the offshore section will be around 900 km, maximum depth over two km and full capacity 63 bcm.
      The EDF Group a leading player in the European energy industry, present in all areas of the electricity value chain, from generation to trading, and increasingly active in the gas chain in Europe. Leader in the French electricity market, the Group also has solid positions in the United Kingdom, Germany and Italy.


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