-->Could be seen as +ve for Saipem, as they can get a part of this contract
THE STREETS OF GAS ARE INFINITE - GAZPROM RETHINK TO A CORRIDOR TO TURKEY AFTER STOP A SOUTH STREAM - AT THIS POINT SAIPEM FALLS IN GAME
The idea is to build a gas pipeline under the Black Sea to Turkey arrives and there it stops. It would then be the task of the Europeans are interested to join the network in Turkey. Saipem would be entitled to penalties for 1.5 billion for South Stream, but could return to the game. At the time the mechanism of sanctions on Russia not hinder the maxi-order
The super-pipeline South Stream can rise from the ashes. And the Italian Saipem could lay the pipe work replacement submarines working for the same client (Russia's Gazprom) and in the same area (the Black Sea). The South Stream would have to connect the Balkans (and therefore the whole of Europe) directly with the Russian Caucasus, making transit natural gas under the Black Sea, no longer pass for Ukraine. But in late 2014 political disagreements between Moscow and Brussels have blocked everything. This does not mean that the situation remains frozen.
A few days ago Gazprom sparigliato cards: did you know that it will build an alternative pipeline under the Black Sea, but this time in the direction of Turkey. And it will be called Turkish Stream. It will be a mega work, capable of the same 63 billion cubic meters per year of the late South Stream. But the idea is not to sell all this natural gas to Turkey. Moscow says that when the new pipeline will be operational, will close forever the one through Ukraine. Then the Europeans are warned: if they want to continue to receive Russian gas, will have to go to get it in Turkey, and they think they connect with the network of pipes Turkish. How comes Saipem in this speech? The Italian company would have to lay the South Stream gas pipeline and collect 2.4 billion committed. Now that the contracts have been canceled (suspended, to be more precise) the same Saipem is entitled to 1.5 billion penalties payable by Gazprom, which has bought back the shares of the company South Stream belonging to the Western shareholders. But this point: who will lay pipes Turkish Stream?
The identikit is easy. A few years ago, Saipem made (coincidentally) a submarine pipeline between the Russian Caucasus and Turkey; called Blue Stream and has a range of about ten billion cubic meters per year. Now for the Saipem it would build a second pipeline in the same waters (with prospecting already made and the technologies that Saipem has already developed) but six times larger. By Gazprom choose Saipem as operator would lead to a financial settlement of contracts and penalties that make everyone happy, as if the South Stream was made. What could prevent this solution? No European sanctions for the crisis in Ukraine, because they hit so the export of oil technology to Russia, but not the laying of gas pipes, for which Saipem had the go-ahead to Rome the Ministry of Development, which automatically meant that of the EU. In fact, until a few days before the South Stream project is suspended, Saipem continued to work as if nothing had happened, and when it arrived the stop anyone (either in Brussels or in Moscow) indicated as a reason sanctions.
Confirmation Alberto Clo, former board member and director of Eni Magazine Energy of Rie: "There is a bit 'of legal uncertainty on the scope of the sanctions, I asked some legal advice, but it seems that the prohibitions are limited to strike oil projects in the Arctic and in off-shore. " So David Tabarelli, president of Nomisma Energia, "I'm involved the drilling equipment, and those to build the marine platforms. But those to install the hoses do not think so. " If anything, Western sanctions may pose a problem of indirect access to credit, but Gazprom is a solvent, and if he wants to implement the project the money finds them - the rest is money that, for the most part, however, should turn to Saipem . If one plus one equals two, the future is written.