Italy’s Eni may quit Gazprom’s South Stream if investment rises

ROME, Nov 5 (PRIME) -- Italian energy company Eni, the partner of Russia’s gas giant Gazprom in the South Stream project, has not ruled out leaving the project if investment volumes exceed 600 million euros, Claudio Descalzi, Eni’s chief operating officer, said on Monday.

“Eni will participate in South Stream further if the volume of needed investment does not exceed 600 million euros, otherwise we will consider an option of leaving the project,” he said.

The company is facing problems with funding in line with other participants of the project, including Germany’s Wintershall and France’s Electricite de France, and can not afford business requiring large-scale investment, Descalzi said.

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