The company South Stream Transport B.V. agreed to discharge the PJSC "Gazprom" from all obligations under the agreement on the gas transportation October 2, 2013 and to terminate a suretyship contract, according to the Gazprom official statement.
Earlier on, the Energy Minister Alexander Novak said a gas pipeline project South Stream was halted and no talks were being conducted. December 1, 2014 the Russian President Vladimir Putin reported that in the current circumstances Russia would not implement the project South Stream. The Head of Gazprom Alexey Miller also noted the project is no longer relevant. December 2014 the Italian company Saipem, a member of the group Eni - an Italian partner of Gazprom received a notice of suspension in performance of construction of the South Stream. The EUR 15.5 bln project was supposed to deliver to Europe 67 billion m³ of gas annually, reported Tass.
The South Stream Transport B.V. was created to construct the offshore part of the South Stream. However, after Gazprom made a decision to terminate the project, the Russian monopoly repurchased the shares of the Eni, EdF and Wintershall. The part of the assets of the South Stream Transport was assumed to be used for construction of the Turkish Stream.