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Dr. Oleg Aksyutin Appointed CEO of South Stream Transport

The South Stream Project is making good progress and enters an important next phase. Following a recent Board Meeting, South Stream Transport has initiated two tenders, one for the supply of line pipe and another one for the construction of the South Stream Offshore Pipeline through the Black Sea. Construction of the first 930-kilometre offshore pipeline is to start in 2014.

Simultaneously, work is progressing on the development of the onshore sections in a range of countries in South-Eastern Europe, through several national joint venture companies. This too is a major component of the work on the overall South Stream Pipeline System.

In light of the requirements of this next phase, the Shareholders of South Stream Transport B.V. appoint Dr. Oleg Aksyutin as the Chief Executive Officer, Executive Member of the Board of Directors of the offshore pipeline project company South Stream Transport B.V. in Amsterdam, as per 1 July 2013. Dr. Aksyutin, who has vast technical experience in the construction and operation of natural gas pipelines, is to remain a Member of the Management Committee, Head of the Gas Transportation, Underground Storage and Utilization Department of OAO Gazprom.

The Board takes note of the appointment by OAO Gazprom of Marcel Kramer as Advisor to Gazprom Management on the same date. Mr. Kramer will deal with general matters in respect of the South Stream Project and is to be involved in the dialogue with the European institutions. The Board thanks Mr. Kramer for his contribution to the implementation of the offshore pipeline project.

Source: Gazprom

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The South Stream Pipeline Project through the Black Sea (the “Project”) is the offshore component of the South Stream Pipeline System which will increase direct supply of natural gas from Russia to Central and South-Eastern Europe as it creates a new supply route and provides additional capacity. The Project will contribute to European energy security in a safe, reliable and environmentally responsible way and will help the EU member states meet their CO2 reduction targets. The South Stream Offshore Pipeline will have a length of approximately 930 km. It will connect the world’s largest natural gas reserves in Russia with consumers in the European Union. The South Stream Offshore Pipeline will originate on the Russian Black Sea shore in the area of Anapa, cross the Turkish Exclusive Economic Zone in the Black Sea and land on the Bulgarian coast near Varna. Commercial operations are scheduled to start by the end of 2015. When fully operational, the South Stream Offshore Pipeline will consist of four pipeline strings and reach an annual capacity of 63 billion cubic metres


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