Board of Directors of South Stream Transport AG Officially Appointed

  • First meeting of the Board of Directors
  • Henning Voscherau elected as Chairman of the Board of Directors

, Moscow (Russia) | The first meeting of the Board of Directors of South Stream Transport AG was held today in Moscow. The representatives of the shareholders acknowledged the upcoming targeted milestones of the South Stream Offshore Gas Pipeline Project.

South Stream Transport AG was established for the planning, construction, and subsequent operation of an offshore pipeline through the Black Sea. OAO Gazprom of Russia holds a 50 per cent stake in the joint venture. The Italian company Eni S.p.A. acquired a 20 per cent stake. The French energy company EDF and the German company Wintershall Holding GmbH (BASF Group) acquired 15 per cent each.

Members of the Board of Directors appointed

The Board of Directors consists of six members. According to the shares in South Stream Transport AG, each shareholder has appointed members to the Board. Gazprom is represented by three members who are Alexei Miller, Deputy Chairman of the Board of Directors and Chairman of the Management Committee of OAO Gazprom, Alexander Medvedev, Deputy Chairman of the Management Committee of OAO Gazprom and Director-General of OOO Gazprom Export, and Dr Henning Voscherau, former Mayor of the City of Hamburg (Germany).

Eni, EDF and BASF have each appointed one member to the Board. Eni is represented by Paolo Scaroni, Chief Executive Officer of Eni S.p.A. EDF has appointed Henri Proglio, Chairman and Chief Executive Officer of EDF as its representative in the Board. BASF is represented by Dr Harald Schwager, Member of the Board of Executive Directors of
BASF SE.

Dr Henning Voscherau elected as Chairman of the Board of Directors

At their meeting today, the members of the Board of Directors unanimously elected
Dr Henning Voscherau as Chairman of the Board. "The South Stream Offshore Gas Pipeline is a key link between the European Union and Russia. Such cross-border infrastructure projects will further enhance the fruitful cooperation between the EU and Russia and will create win-win-situations for both sides, strengthening security of energy supply for Europe and establishing a direct link with one of the world largest and most reliable gas suppliers in the world. I am looking forward to working closely with the Russian and European partners on the implementation of this project," says Dr Henning Voscherau.

"We are delighted that the Board of Directors has been officially appointed today and that Dr Henning Voscherau has been elected as Chairman of the Board. We are convinced that his experience and authority will help us implement our project successfully and on schedule," states Marcel Kramer, CEO South Stream Transport AG.

The pipeline is scheduled to start commercial operations by the end of 2015. South Stream Transport AG aims at the final investment decision and the start of construction by the end of 2012.